All ranging still
2 January 2023
Happy New Year one and all! A few public holidays around the globe today including the UK so a limited report to just keep things ticking over but I'll highlight some support/resistance areas as usual. Latest US NFP data on Friday to keep in mind.
Remember, focus on the price action and let the algos do the heavy lifting/dropping. The important thing is to identify your preferred risk/reward entry/exit levels.
Looking to develop a few tweaks for you too in 2023. Please mail me with any ideas/suggestions to add to our list. Your feedback is important to us.
GBPUSD: A hold of 1.2020 again then 1.2040 this morning but a failure around 1.2100. Pips banked in the retreat. Good two-way business whatever your bias. I remain poised to re=sell.EURGBP: 0.8880 resistance now being tested again as I type with 0.8840 becoming the latest support line and still underpinned overall.GBPJPY: Support at 158.50 broken and now decent resistance after a further JPY-demand retreat with sellers capping the rally at 159.50 amid the softer risk tones overall.
EURUSD: A decent hold of 1.0640-60 again as we range tightly amid generally softer USD tones but capping into 1.0720 as the USD 2023 jury remains out. Re-sells duly placed per ongoing strategy and pips gratefully banked. Rinse n repeat still.
USDJPY: Support around 131.50 broken and triggering another retreat to test 130.75 amd softer USD and risk tones but flatlining as I type. Pips gratefully banked and I prefer the rally-sell side still.EURJPY: Support now at 139.70 for the moment now after the latest amid general JPY demand and rally sellers poised 140.30-50.USDCHF: Capping into 0.9260-80 still but holding the 0.9200-20 support as EURCHF finds some dip demand too but with CHF demand overall as I've been warning.
EURCHF: Capping above 0.9920 in Asia's spike but holding 0.9840 in the retreat this time. Good two-way pips still.
AUDUSD: Good support around the 0.6760 area still but failing into 0.6830 on the extended rally. AUDJPY selling in play too again.Good two-way pips to be had still. GBPAUD still looking soggy as the Pound loses ground on the crosses generally led by GBPJPY but still holding 1.7700 so far. NZDUSD capping into 0.6350-60 again but holding of 0.6320 so far as I type.GBPNZD 1.8950-1.9100 still. USDCAD: Capping around 1.3580 on Friday amid general USD supply again. Holding 1.3520-25 again though so far.Mixed USD tone and oil price to bring more two-way business overall.
Let's continue to be careful out there.
Interbank rates: 08.45 GMT