US Dollar still on the front foot
Thursday 4 October 2018
Renewed Euro pressure and US $ strength, on hawkish tones from US Fed Chairman Powell, have been the themes of the past 24 hours with the Aussie $ also falling further as I've been warning. US key non-farm payroll data looming tomorrow in the mix too.
EURUSD has broken down through the good support at 1.1500 to post lows of 1.1464 before running into a few buyers again this morning.Immediate bids/support now building between 1.1450-60 then 1.1430 and 1.1400 with sellers poised around 1.1500 and 1.1530 then 1.1550-60.
EURGBP also broke down through recent support around 0.8875 and currently sits on the weekly lows of 0.8857 (GBPEUR up to 1.1292) having failed again into 0.8910. Bids now around 0.8850 then 0.8830 and 0.8800.Sellers poised now into 0.8880 then 0.8900, 0.8935 and 0.8950.I am currently trading both sides of the 0.8850-0.8910 range.
GBPUSD failed above 1.3000 again and has been down to 1.2922 before finding a few buyers helped by the fall of EURGBP. Sellers now into 1.2980 and 1.3000 then 1.3020, 1.3035 and 1.3050 still then larger again between 1.3080-1.3100. Immediate demand now around 1.2950 then larger between 1.2920-1.2930, 1.2900 and 1.2880. I remain a GBP rally seller.
USDJPY has duly picked up a few buyers again having held that 113.50 support line and has needed little excuse on the general USD demand to take out barrier option defence at 114.50. Bids still building between 113.50-60, with more between 113.20-30 then 113.00. Sellers have jumped back in up there but the pair remains underpinned with bids/support now around 114.20 then larger at 114.00,113.80 and 113.50 still. Sell interest around 114.50, then 114.70-75 and the key 115.00 area. USDCHF has also taken advantage of the US$ buying to rise and post 0.9928 but tempered again by some EURCHF selling. Support now around 1.1360 and 1.1320. USDCHF bids at 0.9880, 0.9860 and 0.9830 with sell interest around 0.9930 and 0.9960.
AUDUSD continues its move lower and has broken down through the 0.7160 line to trigger further falls through 0.7120 and 0.7100 to post lows of 0.7076 not seen since early September. Sellers now around 0.7100 then 0.7120 then 0.7150-60 with immediate demand at 0.7070, 0.7050, 0.7030 and 0.7000. USDCAD has been lifted up to 1.2889 on the USD demand.Sell interest at 1.2900 and 1.2930 with buyers now around 1.2850-60, then 1.2830 and 1.2800.
Fickle Forex markets ever prevailing, so get your orders in to take full advantage of these moves.
Have a good day out there one and all.
Interbank Rate 08.19 BST GBPUSD 1.2958 EURUSD 1.1480 EURGBP 0.8858 GBPEUR 1.1286 USDJPY 114.27 USDCAD 1.2878 USDCHF 0.9814 GBPAUD 1.8286 GBPCAD 1.6686 GBPCHF 1.2846 GBPZAR 18.9980 GBPHKD 10.0463 EURHKD 8.9016