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  • Writer's pictureMike Paterson

All looking a little vulnerable out there again

Thursday 14 May 2020

Fresh streams of to-be-expected awful data with lots more to come, ongoing spat between US and China, Fed's Powell not exactly ruling out negative interest rates and Trump breathing down his neck again all combining to keep risk sentiment on the back foot as I've been warning.

GBPUSD has seen some great two-way business again per my various Tweets but has continued its current retret to test decent support/bids at 1.2180.EURGBP has failed at 0.8880 again but holding 0.8830 on the retreat and the dip demand is helping to cap GBPUSD. GBPJPY has broken down through the 131.00-20 support area and tested 130.20 amid the risk-off sentiment and rally sellers on core pairs generally.

I stay poised to sell GBP rallies overall and buy back in the dips as ever but patience continues to be a virtue and entry level key as always.

USDJPY has now fallen through 107.00 amid the softer risk tones to test 106.75-80. Lots of options expiries in the pipe today nearby to keep it contained.EURJPY also on the back foot still but finding support at 115.30 atm with dip demand on core pairs still evident. EURUSD once again failed around 1.0880 and retreated to test 1.0800 but currently flatlined between 108.00-20 amid the variable USD tones, EZ/ECB uncertainty and options expiry interest. USDCHF held 0.9665 but now back up to test 0.9730-35 as EURUSD retreated with EURCHF still holding 1.0500-20 amid the SNB  support.

AUDUSD capped at 0.6520 but then retreated to 0.6440. once those 1bln expiries at 0.6500 rolled off and amid the softer risk plays. Another back foot session in Asia with some soggy jobs data but finding support at 0.6420. USDCAD found a base at that 1.4020 area but capping into 1.4120 amid variable risk/USD sentiment and oil prices.

 *******  1-2-1 Mentoring Session Price Special: ******** GBP 55 per hour from GBP 95 per hour for existing subscribers. Limited offer now **for this week only** so make sure you take advantage.

A special price as a gesture to subscribers in these strange times and proving to be very popular so don't miss out. You don't need me to tell you that there's lots going on right now, and the foreseeable future, so don't forget to take advantage of my 1-2-1 mentoring sessions if there's areas of trading these volatile markets or how to make best use of the order boards and expiries, that you might need some further help with.

Let's continue to be careful out there in all things. Staying safe must be our main priority still.

Interbank rates:  08.42 BST

GBPUSD   1.2214

EURUSD   1.0809

EURGBP   0.8849

GBPEUR   1.1300

GBPAUD   1.8964

GBPCAD   1.7213

GBPJPY   130.49

GBPZAR   22.6722

GBPHKD   9.4695

USDJPY   106.82

USDZAR   18.5711

EURJPY   115.48

EURCHF   1.0517

EURHKD   8.3802

AUDUSD   0.6442

USDCAD   1.4092

USDCHF   0.9728

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