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  • Mike Paterson

More of the same as another week closes

Friday 16 April 2021

Some USD selling and underpinned Euro tones still notable overall as we come to the end of another week which has been range bound in FX. Equities also underpinned but cryptos taking a breather as rally-sellers prevail again after solid gains this week.

The large EURUSD option contract interest at 1.2000 is still adding to the supply up there atm to be expected so we are seeing Euro crosses being capped but strong EURGBP demand finally sees 0.8700 breached and pushing GBPUSD lower.

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 if you are to avoid getting caught in the middle.

GBPUSD: Now holding 1.3715-20 amid the ongoing USD supply after struggling to breach 1.3800 again. Buy-backs made in the dip per my tweet and poised to re-sell again.EURGBP: 0.8700 finally breached with EURUSD remains underpinned after holding 0.8670 but sellers still poised. EURUSD holding 1.2000 will be key here.GBPJPY: Found support at 149.40 now after a 150.20 retreat this time but firmer again now on the core pair dip demand/better risk tones.

I remain a GBP rally seller across the pairs but still not getting over greedy with expectation on the retreats. Nice when it happens though.

EURUSD: Underpinned still at 1.1950-60 amid the general USD supply and more vanilla options-based demand but once again sellers poised at 1.2000 per my comments above. Is today the day we break higher or another cap?

USDJPY: Holding 108.60 but failing into 109.00 still. I remain bearish overall and will continue to sell rallies.EURJPY: A break of 130.50 again after holding 130.00 but capped by the EURUSD supply into 1.2000 again.

USDCHF: Support coming in at 0.9180 now as EURUSD rally stalls again after a fall from 0.9220 amid EURCHF capping too.The SNB also ever watchful and ready to help. I remain a dip buyer on both pairs.EURCHF: 1.1000 hOlding in the latest retreat helped by the SNB shadow/CHF supply but rally sellers still poised

AUDUSD: Duly got pinned down between 0.7750-60 for the most part yesterday per those large Puts in play and I'm still poised to re-sell when momentum fades but caution still required with decent demand 0.7725-30.

USDCAD: Capped into 1.2560 in Asia and now falling to 1.2510 amid the softer USD/underpinned oil tones again. CADJPY demand notable again too as Ive highlighted this week.

Southend travel to Exeter for tomorrow's game and needless to say we need to bring something back ahead of Tuesday's crucial game versus relegation and local rivals Colchester. We will keep believing until it's no longer possible to stay up but not long to wait now....

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: 08.50 BST

GBPUSD 1.3750

EURUSD 1.1984

EURGBP 0.8712

GBPEUR 1.1473

GBPAUD 1.7758

GBPCAD 1.7210

GBPJPY 149.68

GBPJPY 149.70

GBPHKD 10.6604

USDJPY 108.84

USDZAR 14.2403

EURJPY 130.47

EURCHF 1.1010

EURHKD 9.2917

AUDUSD 0.7744

USDCAD 1.2514

USDCHF 0.9185

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