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AUDUSD TECHS

Bearish Cycle Still In Play

EURJPY TECHS

Death Cross Adding Pressure

FOREX

Risk Off Prompts Safe Haven Demand

US EURODLR OPTIONS

Midcurve Puts, Scale Seller

USDJPY TECHS

Support Remains Exposed

EURGBP
  • EUR/GBP nudged back toward its key technical 10-dma Thursday but closed below, which keeps the recent underlying bearish tone in place.
  • The cross has edged above this 10-dma into Europe (current level Gbp0.8783), touching a high of Gbp0.8791 but awaits the UK data dump at 0700GMT (focus on UK GDP) for fresh impetus.
  • Resistance in the cross has been noted between Gbp0.8800/0.8815(61.8%-76.4% Gbp0.8839-0.8837), a break of this area to open a move back toward Gbp0.8839, with the top of the 1.0% 10-dma envelope , currently at Gbp0.8871, then coming into play. Support Gbp0.8750 ahead of the YTD low at Gbp0.8738(Feb05)
  • MNI Techs: EURGBP is unchanged and bears have paused for breath. The outlook is bearish and the cross is trading closer to recent lows. MA conditions are also in a bear mode and this reinforces the current trend set-up. The focus is on 0.8711 next, May 11 2020 low with scope too for a breach of the 0.8700 handle. On the upside, initial firm resistance is at 0.8840. A breach of this level would signal scope for a stronger corrective bounce.