Quick FX update 2 October 2018
- EURUSD – Relative calm after a test of 1.1500. Bids in place there said to be decent size with stops lurking through 1.1490. Gains are still limited to 1.1550, while minor support is seen at 1.1520
- GBPUSD – Currently 30 pips of the lows but like the euro, gains are limited. Ignoring the BoJo spike 1.2980 is resistance from 1.3000. A move above there and 1.3020 is needed to bring thoughts of a minor turnaround
- USDJPY – 114.00 still caps but it’s looking a bit more bearish today than previous days where a break up looked likely. 113.60 is the support level outside of the wandering between 113.70/90
- AUDUSD – Trying to claw back some of the day’s losses. Resistance into 0.7200 comes ahead of the all too familiar 0.7220/30 area. 0.7160 is the intraday make or break line below
- USDCAD – Not in a rush to go anywhere right now. No further gains on trade deals but no willingness to push back higher. 1.2780-1.2880 looks to be the main range while playing in a closer 1.2800 – 1.2840/50 one
Maybe FX markets are taking a breath after plenty of headline moves. A lack of US data isn’t helping things but that starts to ramp up again tomorrow and into the jobs report on Friday. Fed’s Powell is up a little later speaking on inflation and employment. Not one to stray too far from the published script, it’s likely to be a dud for market moves but we’re trained to be prepared as traders.