Euro recovers some poise but not out of the woods yet
Wednesday 3 October 2018
We've been hearing a host of comments out of Italy again but enough positives to see the Euro find a few buyers but it's far from solid still.
EURUSD found good support at 1.1500 as expected with the help of large option contracts rolling off there today and rallied well to test 1.1600 with Euro pairs all finding some love again,for the moment at least.Immediate bids/support now building into 1.1560 then 1.1530 and 1.1500 again with sellers poised around 1.1600 and 1.1630 still then 1.1650.
EURGBP has held 0.8875 on the latest dips and been back up to test the line in the sand now at 0.8915-20 (GBPEUR support at 1.1200-15) that I've been highlighting in recent updates. Some bids now around 0.8890 then 0.8875,0.8850, 0.8830 and 0.8800.Sellers poised into 0.8920 still then 0.8935 and 0.8950.I remain a dip buyer.
GBPUSD fell further to 1.2943 yesterday but found some comfort in BoJo's lack of speech impact and has been back up this morning to 1.3010. Sellers now into 1.3020 and 1.3035 then 1.3050 and larger between 1.3080-1.3100. Immediate demand now around 1.2990 then larger into 1.2970, 1,2950, 1.2930 and 1.2900. I remain a GBP rally seller.
USDJPY posted lows of 113.52 before running into expected demand again as I higlighted yesterday. Bids still building between 113.50-60, with more between 113.20-30 then 113.00. Sellers at 113.85, 114.00,114.20 and 114.50. USDCHF has been treading water but now supported again by some EURCHF demand. Support now around 1.1380 then 1.1360 and 1.1320. USDCHF bids at 0.9830, 0.9800 and 0.9780 with sell interest still around 0.9860, 0.9880 and 0.9900.
AUDUSD yesterday held around the 0.7160 line I mentioned with bids there holding further falls and has rallied to test 0.7200 again on a combo of softer USD and large option expiry interest at 0.7190 being protected. Sellers still around 0.7200 then 0.7220 and 0.7250 still with immediate demand at 0.7180, 0.7160 and 0.7130. USDCAD treading water still following the NAFTA/USMCA deal as the Canadian $ breathes a big sigh of relief but has recovered from testing the 1.2780 support I've mentioned.Sell interest still building around 1.2860 then 1.2880-1.2900 with buyers now around 1.2800, then 1.2780 still and 1.2750.
Fickle Forex markets ever prevailing, so get your orders in to take full advantage of these moves.
Have a good day out there one and all.
Interbank Rate 07.35 BST GBPUSD 1.3008 EURUSD 1.1588 EURGBP 0.8907 GBPEUR 1.1224 USDJPY 113.81 USDCAD 1.2817 USDCHF 0.9845 GBPAUD 1.8103 GBPCAD 1.6672 GBPCHF 1.2808 GBPZAR 18.5880 GBPHKD 10.0851 EURHKD 8.9853