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.

Agree or disagree? Then please leave a comment in the box below or contact me by e-mail.

Mike ‘Oscar’ Paterson has been in the Forex trenches for nearly three decades working as a senior Spot trader in London at UBS, Chief Dealer FX at the State Bank of Victoria and in charge of Spot CHF at Credit Suisse with a daily turnover in excess of $1.5 billion. Mike now works as an independent consultant providing a fully bespoke service to the corporate and private sectors in physical FX delivery as well as guiding those who wish to improve their currency trading. Mike also presents seminars and workshops and writes for a number of publications.
To contact Mike please call +0044 (0) 1732 700383 or email mike.paterson@economicvoice.com
The views expressed above are those of the author and should not be taken as investment advice. MSP Foreign Exchange Services will have no liability for, or to, any persons executing trades based on the content above.

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