Risk-off sentiment again
Wednesday 29 May 2019
All the usual fragile global conditions prevailing as we continue into the week and that's seen some very tight ranges with a risk-off sentiment bias again.
GBPUSD just breaking down through 1.2650 again as I type and remains on the back foot but demand at 1.2630 and 1.2600. EURGBP dip demand still present as we head further into month-end but not going anywhere in a hurry just yet.GBPJPY remains on the back foot with USDJPY still in retreat and risk-off sentiment prevailing.
I remain GBP bearish overall and continue to rally-sell as my preferred strategy amid all the uncertainty/indecision including Brexit. I repeat, no change to this view for the foreseeable future. Dip buyers will still expect to find better value for money the lower we head but that's still not happening in any big fashion at the moment.
EURUSD remains tightly bound amid all the general uncertainty and EUR-cross plays but continues its slow retreat to test 1.1150 after that failure into 1.1220. USDJPY has retreated a little further to post fresh recent lows of 109.15 amid the risk-off sentiment but not going too far in a hurry. USDCHF remains tightly bound amid the EURCHF and EURUSD calm with the SNB casting a shadow still and rubbing their hands with glee that the US have bizarrely taken them off their currency manipulation list.
AUDUSD still going nowhere in a hurry as sellers match buyers and the jury remains out as to how much the expected RBA June rate cut is factored in June amid the US-China trade talks too. USDCAD continues to make steady progress higher on the CADJPY supply/lower oil price combo.
Fickle Forex markets ever prevailing so be ready with your entry/exit levels and orders as always.
I wish you good trading and I hope my updates/tweets are helping.Let's continue to be careful out there and don't get greedy. Feel free to contact me about discounted 1-2-1 mentoring rates if you need some clarity on current moves or finding it difficult to make money from my recommendations/strategy.
Have a good day out there one and all.
Interbank Rate 08.28 BST