Mike Paterson’s daily Forex brief
A quiet start to the week with similar trends with which we finished last week. The US Dollar remains in vogue and the Euro continues to be undermined but with good two-way business giving some support.
EURUSD has fallen further to 1.3173 but has found a few buyers ahead of strong technical support at 1.3150 which we should test if stop-loss selling below 1.3170 kicks in as anticipated. EURGBP has held above the 0.8310 support line I mentioned and clawed its way back to test resistance at the 0.8360 (GBPEUR 1.1960) pivot level, while EURJPY has fallen back a little as USDJPY caps again.
GBPUSD has fallen below 1.5800 again but found support just above technical levels and buy orders at 1.5780 and currently going nowhere fast.
Some data out today from Eurozone, UK and US and tonight sees the latest interest rate decision from Australia, which we expect to be a no-change outcome, keeping their powder dry to cut rates again if conditions demand.
Having picked up three away points on Saturday the mighty Shrimpers face a crucial game tonight at home to Crawley. Another three points are absolutely vital and would be a nice birthday present today for my fellow Essex boy Nick ahead of his nuptials this coming Thursday.
A busy week all round I reckon. Good luck out there.
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