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  • Writer's pictureMike Paterson

Softer Greenback but markets still in unchartered waters

Tuesday 24 March 2020

The US Fed have gone all in on this particular poker game and eventually we've seen some USD supply but ranges still contained as the uncertainty continues.

I will repeat my paragraph from yesterday...Strange times out there right now with the UK and others imposing even more severe social distancing measures and threatening more to come if current advice not heeded. Markets are fragile and basic rules of behaviour are thrown out the window. Even more reason to identify ranges and trade accordingly. Something that my 1-2-1 clients have learned. Ours is not to reason why, ours is just to sell and buy.......

Also remember though in these days of self-isolation that our mental well-being and being able to trade objectively is more important than ever. Set out your day-to day and longer term goals and keep everything in perspective. After 40 years in the FX business, and with many life lessons along the way, I humbly believe I can help you on this too. Please feel free to get in touch.

GBPUSD looked at 1.1450 only to bounce on the USD supply/UK govt tighter measures but has capped into 1.1700 so far ( breaking as I type) after holding around 1.1650 on the previous retreat. EURGBP has been up to 0.9388 but retreated and currently holding 0.9250 with core pair both finding some support. GBPJPY found a base at 127.50 and been in steady ascent with core pairs now finding dip demand.Sellers remain poised though. Bids building now at 129.20, 129.00, 128.00, 127.85, 127.50 and 127.00 then more at 126.00, 125.50 and 125.00 again. Offers at 129.80-85 and 130.00 then 130.20-25, 130.60, 130.75 and 131.00.

I stay poised to sell GBP rallies and buy back in the dips as ever.

USDJPY has found a cap around 111.40 yet again but support into 110.00 and now finding some risk-on support to rally to 110.80. EURJPY has been down to 118.00 but now 120.10 on the better risk/core pair dip demand.EURUSD has enjoyed a rally to 1.0868 amid the general USD supply and better risk but tempered by some rubbish economic data earlier.USDCHF capped around 0.9855 but losses below 0.9760 tempered buy some EURCHF demand again into 1.0540.

AUDUSD has rallied to 0.5976 and now finding a line around 0.5940 as some AUDJPY demand returns. USDCAD has capped around 1.4550 amid the general USD supply but finding support into 1.4380 so there's your immediate range with more support at 1.4350.

Fickle Forex markets ever prevailing so be ready to jump on moves with your orders as always. Caution advised as ever if you're not sure.

Lots going on right now, and the foreseeable future, so don't forget that I offer 1-2-1 mentoring if there's areas of trading these volatile markets or how to make best use of the order boards and expiries, that you might need some further help with.

Let's continue to be careful out there in all things as ever. Staying safe must be our main priority still.

Interbank rates: 08.29 GMT

GBPUSD   1.1657

EURUSD   1.0833

EURGBP   0.9288

GBPEUR   1.0762

GBPAUD   1.9585

GBPCAD   1.6791

GBPJPY   128.99

GBPZAR   20.6445

GBPHKD   9.0377

USDJPY   110.65

USDZAR   17.6099

EURJPY   119.88

EURCHF   1.0576

EURHKD   8.3978

AUDUSD   0.5956

USDCAD   1.4398

USDCHF   0.9758

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