FX pairs ranging again amid US Dollar uncertainty
Thursday 13 August 2020
The Greenback has now seen some level of retreat after the recent gains and we've seen some good moves in FX pairs in both directions once more.
Gold and silver are still finding dip demand while equities and oil are trading a little softer amid the variable risk sentioment still.
GBPUSD had another dip to look at 1.3000 yesterday amid the general USD demand as per my tweet. Large expiries there today helping to underpin the price and a decent rally to 1.3085 since. EURGBP continues to hold the 0.8980 support area and rallied strongly to 0.9052 amid some general EUR demand.GBPJPY found support at 139.00 but equally finding sell interest around 139.60 so far amid the variable risk and USD sentiment on core pairs.
I stay poised to sell GBP rallies overall as my preferred side and buy back in the dips as ever.Patience will continue to be a virtue and entry level key as always. I still expect to continue seeing dip demand though as we continue to range.
USDJPY had a look at 107.00 yesterday as per my tweet at the time and since tested support at 106.60. EURJPY found support at 125.50, 125.80 and now 126.00 on its latest journey higher amid some general EUR demand and enjoying yesterday's better risk tones/USDJPY demand. EURUSD held above those fresh 1.1720-25 bids to rally strongly and post highs of 1.1835 so far on the softer USD/firmer EUR double whammy.USDCHF failed around 0.9180 as EURUSD rallied and with EURCHF still ranging with the SNB still lurking and now back down to 0.9095.
AUDUSD found support at 0.7130 but has duly failed above 0.7180 again with Victoria COVID lockdown again in focus while USDCAD has found itself in steady retreat from 1.3350 and now testing 1.3220 as I type amid firmer/steady oil price and softer USD tones.
Markets are ever-fickle but good two-way pips to be had so don't forget to contact me if there's areas of trading these markets 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.
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