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  • Mike Paterson

Greenback grabbing notable again

Friday 24 August 2018

As we head into the week-end we've seen further US Dollar demand across the board but the jury remains out so we can still expect some good two-way business with the US Fed chair Powell's keynote speech at Jackson Hole today the immediate focus.

GBPUSD has fallen further to test support around 1.2800 but bounced a little this morning as I type to post 1.2832.Immediate support/buying interest still around 1.2800 then more into 1.2780, 1.2750, 1.2730 and 1.2700.Sellers building around 1.2850, then 1.2870-80, 1.2900 and still poised between 1.2920-30. Rallies can still be sold for short term plays while respecting the dip demand as I've been warning of late.Caution advised around Powell's speech but talk has it that he will ignore Trump's call for less tightening.

EURGBP remains underpinned as I've been warning this week and has now finally broken 0.9000 to test the next resistance area/sell interest around 0.9030 that I highlighted yesterday (GBPUSD support 1.1075). Sellers still poised around 0.9030 then 0.9050 and 0.9075-80. Buying interest building now at 0.9000 then more into 0.8980 with larger interest at 0.8950 and 0.8930 still.

EURUSD failed around 1.1600 and has fallen to test decent support around 1.1530 with large option expiry interest rolling off today between 1.1540-50. Sellers now re-building between 1.1580-1600 then 1.1620-30 still and 1.1650.Buyers still into 1.1530 then more into 1.1500,1.1480 and 1.1450.

USDJPY has finally broken up through 111.00 helped by some option expiry-related demand to test the next decent line at 111.50.Sellers still poised there with more  interest behind that at 111.80 and 112.00. Buyers now lining up at 111.10-15 with more at 111.00 then 110.80 and 110.50 again. USDCHF has rallied to post 0.9870 with EURCHF still holding above 1.1350 and re-testing 1.1400 with the SNB never too far away. USDCHF Buyers now between 0.9830-40.Sellers remain poised on both though as I've been warning but we can continue to expect dip demand still.

AUDUSD has found a little support overnight with Scott Morrison replacing PM Turnbull but there's decent option related sell interest capping for the moment. Immediate buying interest now around 0.7250, 0.7230 and 0.7200 still where barrier option defence still lurks. Sell interest building around 0.7300 and 0.7320. USDCAD has been helped by USD demand and softer commodity prices.Buyers now lined up around 1.3050 then more support expected at 1.3030 and 1.3000 again with 1.2980 still a good line in the sand. Sellers around 1.3100 then 1.3120 and 1.3150-60.

Fickle Summer markets still prevailing so get your orders in to take full advantage of these moves.

It's a long week-end here in England, and I'm off shortly to a music festival for duration, so the next update will be Tuesday fyi.

Have a great week-end out there one and all.

Interbank Rate 07.40 BST GBPUSD   1.2827 EURUSD   1.1572 EURGBP   0.9024 GBPEUR   1.1082 USDJPY   111.33 USDCAD   1.3080 USDCHF   0.9850 GBPAUD   1.7613 GBPCAD   1.6775 GBPCHF   1.2633 GBPZAR   18.3700 GBPHKD   9.9355 EURHKD   8.9705


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