As you know I’m not one for crystal ball predictions, preferring as I do to wait for the fact then see how the price action pans out.
Yesterday I said I’d be looking at 1.3700-25 as pointer on EURUSD if we dipped and boy has it proved to be a level. In today’s mix we also have a EUR 1bln expiry later at 1.3700 so unless the NFP data is wide of the mark we may well just end up around here still. Given the market’s complete lack of interest to get involved right now I won’t be surprised if that’s the case but we live in hope. There are further bids at 1.3650-85 and to the top side I see 1.3800-50 as a good sell area should we get a decent rally. Currently 1.3705
GBPUSD looks soft still but we can’t ignore the decent amount of bids/support between 1.6500-50 and we should expect them to hold any downward move, while 1.6625-50 caps it to the topside. Currently 1.6573
USDJPY needs to clear 104.25-50 before we can get really excited about another leap in this pair and similarly 103.50 and 103.00-10 on the downside. Currently 103.90
USDCHD has decent offers at 0.8950 but we should knock those out on a decent reading but plenty more sellers up to 0.9000. Support at 0.8900-10 if broken leads to 0.8870. EURCHF we know has huge sell interest between 1.2250-80 and now support at 1.2180-1.2200.
USDCAD has the large barrier option support at 1.1000 and it’s a rinse n repeat job unless the data gives it the kicking it’s been looking for a few times this week. Currently 1.1023
AUDUSD looks 0.9200-0.9300 all day to me and NZDUSD 0.8500-0.8600, and even both of those seem 30-50 points too wide right now ! Currently 0.9242 and 0.8548
We’ve been going around in circles getting dizzy on the roundabout for a while now and I don’t see it changing any time soon, but let’s hope I’m wrong. But even if we are range trading there’s still good money to be had and relatively risk-free. Don’t forget that.
In the meantime I wish you all a successful end to the week and a great week-end. Thanks as always for your wonderful input.
Enjoy