Friday 13 August 2021
It may be Friday the 13th but that's not the reason why markets aren't moving at the moment. Traders seem generally scared at the best of times nowadays amid all the uncertainty on Central Banks and COIVD fall-out and once again FX pairs remain little changed. Summer market malaise not helping matters either.
Patience and discipline in trading are key as ever and not being greedy as we continue to range tightly overall. Still some good two-way pips to be had as the jury remains out so picking your moments and levels are more important than ever.
GBPUSD: Bids/support around 1.3800 still holding the fall so far but not the previous support line of 1.3830 becomes the resistance.Pips banked again per my tweet with re-sells planned should we rally per ongoing strategy while keeping an eye on EURGBP and GBPJPY as always.EURGBP: 0.8480-85 sell interes now history and testing 0.8510 again as I type and helping to cap GBPUSD. Support now at that 0.8480-85 line as we continue to range tightly.GBPJPY: 152.80-00 support now broken as risk turns a little softer again and that 153.20-25 line I've been highlighting duly capped core pairs too. 152.20 being tested as I type.
I remain a GBP rally seller across the pairs but being patient as ever. These are risk sentiment markets and ever fickle so good/tight position management essential.
EURUSD: Capping at 1.1750 still but finding support at 1.1725-30 again with cross flows very much making an impact still.USDJPY: A cap at the 110.50-55 pivot area amid the softer risk tones/JPY demand and helped by large option interest today. 110.30 being broken as I type but dip buyers still poised.EURJPY: 129.80 still providing resistance and now testing 129.40-50 again amid the softer risk tones and core pairs rsnging.
USDCHF: 0.9200-20 still providing good support with the SNB always keeping an eye on matters but failing at 0.9240 again as EURUSD trades tightly but EURCHF off its highs. EURCHF: 1.0820 now the new base with SNB shadow ever present but sellers still ever-poised, this time at 1.0840 per yesterday's orderboard.
AUDUSD: A failure above the pivotal 0.7360 area but equally finding support at 0.7330 too.USDCAD: Duly found a base at 1.2500 helped by that large option interest that I've been warning about this week. CADJPY oil/risk related action still in play too as we cap around 1.2530. More option interest today at 1.2520 and larger at 1.2600.
An excellent day had at Lords yesterday watching a classic Test match batting performance from India's Rahul after England's bowling attack failed to take advantage of the favourable conditions for much of the day. India's Test to lose now.
Let's continue to be careful out there in all things. Staying safe must be our main priority still. Have a good weekend everyone.
Interbank rates: 08.50 BST
GBPUSD 1.3810
EURUSD 1.1736
EURGBP 0.8500
GBPEUR 1.1762
GBPJPY 152.27
GBPCAD 1.7284
GBPZAR 20.4857
GBPHKD 10.7030
USDJPY 110.28
EURJPY 129.44
EURCHF 1.0831
EURHKD 9.0996
AUDUSD 0.7342
USDCAD 1.2517
USDCHF 0.9230
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