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  • Writer's pictureMike Paterson

US Dollar ranging still.

Tuesday 6 July 2021

Some USD supply in Asia is seeing some correction as European trading gets underway and we continue to range, providing good two-way business whatever your bias. Lots of option interest in the mix again today too and should help contain.

RBA decision confirmed no rate change for a long while yet (at least 2024 they say) and was generally more dovish than expected but AUD found some support on the general USD supply triggering some stops along the way.

USD/forex jury remains out still. Patience and discipline in trading are key as ever and not being greedy as we continue to range tightly.

GBPUSD: A strong hold of 1.3820 per my warning here and tweets yesterday and finally burst up through 1.3860 on the USD supply triggering some stops including mine but some re-sells into 1.3900 and some pips banked into 1.3860 now per my tweet this morning.Part hedged against USDJPY re-sells again. A support line at 1.3850 now with larger at 1.3820-30 still. I remain a rally seller but still expecting dip demand. Keeping an eye on EURGBP and GBPJPY as always.EURGBP: Still finding buyers below 0.8550 but sellers into 0.8580 now as we continue to range.GBPJPY: Variable risk sentiment providing Yen supply again this morning and now testing 153.50 after capping around 154.00 again.

I remain a GBP rally seller across the pairs but being patient as ever. Risk to the downside though still overall.

EURUSD: Duly failed into 1.1900 where I warned yesterday of decent offers and now testing 1.1840-50. Decent size options in play today.USDJPY: A good cap above 111.00 now and some more re-sells duly placed part hedged vs GBPUSD. Support at 110.75 so far. EURJPY: 131.80 forming a good cap now and some decent retreat this morning amid softer risk tones but bids at 131.25-30 lurking still.USDCHF: Underpinned at 0.9200 still but sellers still poised at 0.9230 as EURUSD finds 1.1840-50 support again and with the SNB ever vigilant as EURCHF sinks back a little further. EURCHF: Holding 1.0920 now with SNB shadow/help ever present but sellers poised around 1.0960 too.

AUDUSD: 0.7540 finally broke amid the softer USD tones in Asia and triggering stops including mine but re-sells placed into the old resistance/decent offers at 0.7600. USDCAD: Strong support area still at 1.2300-20 helped now by the general USD demand as Europe gets underway and oil prices capping a little. CADJPY in play as always.

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

Come on England !!!!!!!!!!!!!!!!!!!!

Interbank rates: 08.40 BST

GBPUSD 1.3878

EURUSD 1.1879

EURGBP 0.8559

GBPEUR 1.1682

GBPCAD 1.7097

GBPJPY 153.69

GBPZAR 19.6994

GBPHKD 10.7457

USDJPY 110.75

USDZAR 14.2198

EURJPY 131.57

EURCHF 1.0936

EURHKD 9.1985

AUDUSD 0.7584

USDCAD 1.2320

USDCHF 0.9205

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