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  • Mike Paterson

Jury still out as we close another week

Friday 23 April 2021

Yesterday's ECB meeting came and went in the now usual fashion offering little of note and after some initial EUR demand we saw a bit of profit-taking understandably on the lack of anything of substance but we're still ranging overall.

Some variable risk and USD sentiment still but some USD supply this morning as I type with USDJPY once again below 108.00 but holding 107.80 as I type and USDCAD still on the back foot but finding some options-related support. Gold is underpinned still but failing at 1800 still while Bitcoin continues it's retreat with dip buyers seemingly getting their fingers burnt for the moment as we test 47500-48000.

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. Patience a virtue too of course.

GBPUSD: Duly found support at the 1.3825-30 area I tweeted about and a decent rally since but finding a cap at 1.3900 this morning where we also have some decent options interest rolling off as per my earlier tweet.EURGBP: Yesterday's initial EUR underpinned tones helped push the pair through 0.8700 briefly before retreating on the post-ECB selling but holding 0.8670 so far as EURUSD rallies and GBPUSD fails into 1.3900.GBPJPY: A solid retreat from 150.50 amid the softer risk tones but support this time at 149.30.Capping at 150.00 now though.

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

EURUSD: A solid hold of 1.2000 again post-ECB after capping above 1.2050 but back at 1.2060 again as I type amid the general EUR demand and softer USD tones.USDJPY: Another hold of 107.80 in Asia after yesterday's failure at 108.20 and some pips banked per ongoing strategy. I hope the steer continues to help.EURJPY: 129.60 providing a decent line of support again after yesterday's cap at 130.50.Rally sellers still poised amid the fragile risk tones.USDCHF: Still finding support at 0.9140 but capped at 0.9200 after that 0.9175 option interest rolled off as EURUSD rallied and EURCHF remains underpinned with the SNB ever watchful and ready to help. I prefer to be a dip buyer on both pairs.EURCHF: 1.1020 providing a base now helped by the SNB shadow but sellers still poised around 1.1050

AUDUSD: AUDJPY selling was notable again yesterday on the softer risk tones but still holding 0.7700 amid the softer USD and firmer gold tones. Re-sells duly placed and pips banked in the retreat per ongoing strategy. I remain a rally seller overall.USDCAD: 1.2470 holding now after another retreat from 1.2530 with support from the 1.2440-50 expiries today that I've warned about in previous updates but sellers poised around 1.2500 and 1.2520-30 still amid the softer USD/steady oil tones.

Southend return home to the hallowed Hall tomorrow with little left to play for other than pride, but we'll keep hoping for the highly improbable.

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

Interbank rates: 08.38 BST

GBPUSD 1.3884

EURUSD 1.2049

EURGBP 0.8678

GBPEUR 1.1523

GBPAUD 1.7944

GBPCAD 1.7322

GBPJPY 149.80

GBPZAR 19.8220

GBPHKD 10.7612

USDJPY 107.89

USDZAR 14.2845

EURJPY 130.02

EURCHF 1.1045

EURHKD 9.3389

AUDUSD 0.7738

USDCAD 1.2475

USDCHF 0.9166

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