More of the same in the ever fickle world of Forex
Tuesday 16 April 2019
I may have been away for a couple of days but it doesn't seem like I've missed too much as markets continue to make their mind up.We've seen a few moves slightly beyond recent realms in some pairs only to fade back so essentially range trading still.
GBPUSD continues in a 1.3050-1.3120 range for the most part while EURGBP also remains tightly bound and still underpinned by the general GBP supply/EUR demand scenario.
I remain GBP bearish overall and continue to rally-sell as my preferred strategy but I continue to respect the two-way business amid the Brexit chaos. Plenty more to come now in the weeks ahead and the algos will continue to feed off the headlines. No change to this paragraph any time soon.
EURUSD continues to trade tightly but underpinned still and has now tested the key 1.1325-35 resistance area while USDJPY also looks underpinned still but rally sellers remain poised above 112.00 as we've been seeing. USDCHF remains underpinned as EURUSD firms but ranging tightly still and EURCHF continues to find support now above 1.1300 with the SNB ever-watchful.
AUDUSD remains range bound 0.7130-80 while USDCAD remains underpinned after yesterday's sharp spike from 1.3320 to 1.3390 but has failed around 1.3400 again.
Fickle Forex markets ever prevailing so be ready with your entry/exit levels and orders as always.
My week-end away involved getting back to the hallowed Hall but sadly the effort to be there wasn't reflected out on the pitch and the Shrimpers of Southend are now facing relegation reality. Sad times but we'll keep believing. I'm just not sure the players do.
Have a good day/week out out there one and all.
Interbank Rate 08.40 BST