Market Patrol 1st April 2022

The core problem, however, is the need to fit markets into a style of trading rather than finding ways to trade that fit with market behaviour.

Brett Steenbarger

Indicative Selling Rates
against MUR
USD

08 May 2024

AUD
31.02
0.6636

BWP
3.49
0.0746

CAD
34.27
1.3641

CNY
6.56
7.1254

DKK
6.83
6.8424

EUR
50.45
1.0793

HKD
6.07
7.7014

INR
0.57
82.1748

JPY
30.48
153.3486

KES
35.64
131.1343

NZD
28.26
0.6046

NOK
4.36
10.7175

SGD
34.83
1.3420

ZAR
2.60
17.9610

SEK
4.35
10.7417

CHF
51.75
1.1072

GBP
58.63
1.2545

USD
46.74
1.0000

AED
12.93
3.6160

The dollar-rupee soared by 20 cents, U.S Non Farm Payroll eyed.

Fundamental News

EUR/USD
The Shared currency cascaded to $1.1068 on higher EU Unemployment Rate and EU/Russia economic tensions after Russian President Vladimir Putin doubled down on a demand that European nations pay for Russian gas in roubles.

GBP/USD
The Cable sailed higher to $1.3132 on the upbeat UK's GDP data, attention on US NFP data later today.

USD/JPY
The Japanese yen extended its losing streak against the greenback on elevated prices of base metals, food items, and energy amid Russia’s invasion of Ukraine have made a devastating impact on the Japanese yen.

AUD/USD
The Aussie dollar ticked down to $0.7475 as China's Caixin Manufacturing PMI contracted to 48.1 in March, data showed earlier today.

USD/CAD
The Loonie firmed at 1.2515 against the U.S dollar as investors cheered Canada's potential combination of increased government spending and interest rate hikes.

USD/ZAR
South African rand slipped to 14.64 per U.S dollar as uncertainty over the war in Ukraine dragged on and commodity prices, which benefit the resource-rich country, fell.

USD/MUR
The dollar-rupee soared by 20 cents at 44.70(selling) on U.S dollar strength.

Fundamental & Technical Data

Economic Indicators-Local Time

11:55 - EUR - German Manufacturing PMI (Mar)

12:30 - GBP - Manufacturing PMI (Mar)

16:30 - USD - Non-Farm Payroll (Mar)

16:30 - USD - Unemployment Rate (Mar)

18:00 - USD - ISM Manufacturing PMI (Mar)

Central Bank Interest Rates

Last Change

New Meeting

Federal Bank of U.S

0.50%

17-Mar-2022

European Central Bank

0.00%

10-Mar-2016

31-Mar-2022

Bank of England

0.75%

17-Mar-2022

Bank of Japan

-0.10%

28-Jan-2016

Reserve Bank of Australia

0.10%

03-Nov-2020

S.Africa Reserve Bank

4.25%

24-Mar-2022

19-May-2022

Reserve Bank of India

4.00%

22-May-2020

Bank of Mauritius

1.85%

16-Apr-2020

Looking for Markets correlation?

Market Correlation is a measure, statistical or observational, that gives a positive or negative link between the pricing of multiple currencies.

Bulls & Bears Levels

Resistance and Support

Levels

EUR/USD

GBP/USD

USD/JPY

USD/ZAR

1.1272

1.3248

123.51

16.38

1.1228

1.3212

122.98

15.76

1.1148

1.3178

122.34

15.59

1.1104

1.3242

121.81

15.21

1.1024

1.3108

121.17

14.84

1.0980

1.3072

120.64

14.34

1.0900

1.3038

120.00

14.02

Technical Analysis - Forex Charts

Technical Outlook of the week - NZDCHF Scenario 1:

Chart updated on 04.03.2022

After bouncing back from key resistance level 0.6262 from the upside as per our last forecast (see below) , NZDCHF sworn down to 0.6144 but lacked sufficient selling pressure to continue its downtrend.

It appears that final wave Y of W-X-Y correction is quite complex and there might be 2 scenarios popping up in the near term.

Scenario 1 : we could have reached final wave ‘e’ before downtrend resumes. (As per Elliott wave principle a triangle can be formed as final wave C of wave Y of W-X-Y correction)

Key resistance level is wave ‘e’ of barrier triangle of wave C – 0.6259.

Technical Outlook of the week - NZDCHF Scenario 2:

Chart posted on 04.03.2022

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Disclaimer

Please note that the information published is purely indicative. It is based on technical data from sources which the Bank verily believes to be authentic, though its timeliness or accuracy cannot be warranted or guaranteed. AfrAsia Bank Ltd issues no invitation to anyone to rely on this bulletin and neither we nor our information providers shall be in no way whatsoever, liable for any errors or inaccuracies, regardless of cause, or the lack of timeliness, or for any delay or interruption in the transmission thereof to the user. The indicative rates and other market information are subject to changes at the Bank's discretion. Whilst every effort is made to ensure the information is accurate, you should confirm the latest situation with the Bank prior to making any decisions.

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