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  • Mike Paterson

Greenback on the back foot still with Fed in focus

Monday 26 April 2021

Some variable risk sentiment still but some USD supply again notable with EURUSD taking out the 1.2100 barrier option interest and the 08.00 London algo giving GBPUSD a push up to test 1.3930 and EURGBP a push back down below 0.8700. USDJPY has capped at 108.00 again, USDCHF testing 0.9120 and USDCAD looking at 1.2450.

Gold is underpinned still while Bitcoin rallies after finally finding support around 47000 and equities tread water on the Wednesday US Federal Reserve meeting shadow.

As always in these fickle times be careful with your trading. Pick your preferred entry/exit levels and don't be greedy or over-analyze.

GBPUSD: Found support at the 1.3840 then 1.3860 area but finding a cap at 1.3930 this morning.

EURGBP: Failed above 0.8700 and retreating this morning to test 0.8680 after the earlier GBP algorithim shove higher.GBPJPY: A solid rally from 149.00 amid the better risk tones and core pair demand but sellers above 150.00 still poised.

I remain a GBP rally seller across the pairs but still not getting over greedy with expectation on the retreats. Caution advised as equally a case for buying dips still atm.

EURUSD: A good hold of 1.2060 once we climbed back up through and now taken out some 1.2100 barrier option interest before running out of puff. USDJPY: Staged a decent rally after holding 107.50 but equally failed into 108.20 on Friday and now below 107.70 again.EURJPY: 129.80 providing a decent line of support again on Friday but rally sellers still poised above 130.50 with core pairs being capped.USDCHF: Finding support at 0.9120 as EURUSD retreats after being capped at 0.9170 and EURCHF remains underpinned with the SNB ever watchful and ready to help. EURCHF: 1.1020 still providing a base helped by the SNB shadow and now up through 1.1050 but sellers poised.

Offers: 1.1065, 1.1080, 1.1100, 1.1130, 1.1160

AUDUSD: Still holding 0.7700-20 amid the softer USD and firmer gold tones and now testing 0.7780 after a break of 0.7760. USDCAD: 1.2450 holding now after another failure above 1.2500 amid the softer USD/steady oil tones.

Southend victorious on Saturday and live to fight another day, or two, with relegation rivals playing tomorrow night which can still decided our fate. We'll keep hoping though....

Let's continue to be careful out there in all things. Staying safe must be our main priority still. Have a good week everyone.

Interbank rates: 08.30 BST

GBPUSD 1.3925

EURUSD 1.2100

EURGBP 0.8685

GBPEUR 1.1516

GBPAUD 1.7912

GBPCAD 1.7357

GBPJPY 150.02

GBPZAR 19.7865

GBPHKD 10.7922

USDJPY 107.78

USDZAR 14.2357

EURJPY 130.30

EURCHF 1.1054

EURHKD 9.3715

AUDUSD 0.7771

USDCAD 1.2467

USDCHF 0.9144

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