"Believe you can and you're halfway there."
USD
EURUSD
The Shared currency edged lower to $0.9834 against the U.S. dollar as consumer confidence in Europe came out worse than expected, while tension regarding the war in Ukraine still weighed on the pair.
GBPUSD
The Cable extended losses to $1.1235 driven by fears of economic recession whilst the Bank of England raised rates by only 50bps to 2.25%.
AUDUSD
The Aussie maintained its downward trend towards $0.6626 against the greenback as the mood on the Asian market remained sour, with the AXJ index dropping by 1% this morning.
USDJPY
The Japanese yen rocketed to 142.30 against the greenback after monetary authorities intervened in the foreign exchange market to boost the weakening currency for the first time since 1998.
USDCAD
The loonie wobbled around 1.3500 against a strong U.S. dollar after the hawkish view of the FED surrounding interest rate, and ahead of Canadian retail sales data and Powell's speech.
USDZAR
The South African Rand recovered part of its losses to 17.60 against the greenback following the South African central bank's intervention yesterday, raising interest rates by 75 basis points.
USDMUR
The dollar-rupee stayed put at 44.40 (Selling).
12:00 - EUR - S&P Global Manufacturing PMI(Sep) PREL
12:30 - GBP - S&P Global Manufacturing PMI(Sep) PREL
16:30- CAD - Retail Sales (MoM)(Jul)
17:45 - USD - S&P Global Manufacturing PMI(Sep) PREL
Past
EUR like a Deer in the headlights.
Euro has been trending lower over the last couple of months in the range of $1.06 and $1.0350. , unable to process and respond to the wicked combination of higher inflation and recession fears.
Current
Euro has pierced through key support yesterday and sank to $1.0234, its weakest since December 2002
Forecast
A dip to parity or below is in the cards.
1st target @ 0.9906 78.6% fibo retracement
2nd target @ 0.9127 88.6% Fibonacci retracement
Invalidation level @ 0.8221
Past
Double zig-zag upward correction W-X-Y
USD/MUR surged 24% from 37.05 of March 20 to 45.95 as of 6th July 22
Clear 5-wave structure since Feb 2018
Current
BOM shocking intervention higher at 45.30, a boon for U.S dollar against the rupee in the coming days.
Future
Anticipating Wave (v) of 5 of c of (Y) to end near 47.50, 161% Fibonacci projection
Invalidation Level @ 39.25
Past
After reaching a high of 51.05 (buying TT) in July 2021, the EUR/MUR failed to keep the bullish trend seen in 2020 and 2021 undermined by a falling EUR/USD since 2021.
The pair plummeted to a low of 44.61 on 13th of May 2021 before staging a recovery to 47.78 on 30th June 2022.
Future
However, the rebound on the EUR/MUR appeared short-lived as it turned south again this week
The pair could dive in the range of 43.50 and 44.50 in the coming weeks.
Invalidation level @51.05!
