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USD
EUR/USD
The Shared currency grinded above $1.0200 after the Fed Federal Reserve lifted the Federal fund rate by 75 basis points to a target range of 2.25% and 2.50%, as widely expected. However, the Fed slightly titled dovish as Chair Jerome Powell acknowledged that spending and production softened in the United States.
GBP/USD
The cable edged higher to $1.2152 as British car production rose 5.6% in June and zero-emission vehicles saw a record month, but gains were capped on fears of a slowdown in the real estate market and risk of the rising cost of debt and political jitters.
USD/JPY
The Japanese yen cheered to 135.30 versus the U.S dollar after the Federal Reserve assuaged investors' worries about continued aggressive monetary tightening.
AUD/USD
The Australian dollar rallied to $0.6989 on risk-on sentiment ahead of a meeting between US president Joe Biden and China President Xi Jinping, while Australia's Retail sales eased by 0.2% monthly growth compared to 0.5% forecasted.
USD/ZAR
South African rand jumped to 16.67 as comments from the SARB cited a recent increase in inflation expectations and anticipation of a larger-than-expected interest rate rise in the next South African Reserve Bank's rate decision.
USD/MUR
The dollar-rupee fell by 5 cents to 45.15 (selling) this morning.
13:00 - EUR - Consumer Confidence
16:30 - USD - US GDP / Jobless Claims
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!
