Euro feels the heat again as another week closes
Friday 16 August 2019
The roller-coaster ride continues in tight ranges but it's the Euro's turn to get a bit of a reality check as rubbish data,dovish ECB and Italy prevail over any Yuan diversification.
GBPUSD had another nice rally and I duly resold and bought back but now underpinned by EURGBP selling. EURGBP has tested 0.9150 amid the general EUR supply but holding for the moment. GBPJPY has tested 128.80 but capped by USDJPY supply at 106.30 again.
I remain GBP bearish overall and will continue to rally-sell as my preferred strategy amid all the uncertainty/indecision including Brexit/political fallout but happy to buy back in the dips as always.No reason to change my view any time soon although we must be respectful, as ever of the fickle risk swings.
EURUSD has fallen through the 1.1100 support before stalling at the stronger 1.1080 area.USDJPY has found dip demand again on some better risk sentiment but remains fragile imho.USDCHF remains range bound and underpinned but tempered by EURCHF finding rally sellers again amid the latest EURUSD supply but with the SNB ever watchful and perhaps still providing support.
AUDUSD remains tightly bound with sellers above 0.6800 but buyers around 0.6750 holding so far as I warned yesterday.USDCAD remains underpinned but still struggling again around 1.3320 and remains range bound.
Fickle Forex markets ever prevailing so be ready with your entry/exit levels and orders as always.
Don't forget I offer 1-2-1 mentoring if there's areas of trading this latest volatility, or how to make best use of the order boards and expiries that you might need some further help with.
Lords remains rain affected but England under the cosh sadly. The mighty Shrimpers will do battle at Lincoln tomorrow without me but hopefully can take some momentum from the midweek cup win.
Have a good day/weekend out there one and all.
Interbank Rate 08.18 BST