Video

John J Hardy
Saxo Bank’s head of FX strategy John Hardy takes a closer look at trends and moves in today’s forex charts, including EURUSD, USDJPY, AUDUSD, and EURSEK.
Article / 02 March 2018 at 14:59 GMT

FX Board: Risk-off hitting smaller currencies vs G3

Head of FX Strategy / Saxo Bank
Denmark
dollars
 The story isn't the US dollar in the wake of the Trump tariff threat. Pic: Shutterstock

By John J Hardy

Please see today's FX Board PDF attached to this post for the latest Notes of Interest, Trend and Trend Heat readings, as well as a few thoughts on key chart developments below.

EURUSD
EURUSD isn't much of a story on the Trump protectionist threat, but the dip below 1.2200 support and subsequent recovery may inspire some bullish interest here as long as the 1.2200 area holds for a retest back toward 1.2500.
eurusd
 Source: Saxo Bank

GBPJPY-weekly
This pair has been under significant pressure this week as fresh Brexit concerns have walloped sterling and the return of risk aversion has seen JPY outperformance. The 147.50-00 zone was sliced through quickly and the next area is arguably not until the top of the weekly Ichimoku cloud around 142.70 or even the bigger 140.00 area lower still.
gbpjpy_w
  Source: Saxo Bank

AUDUSD
AUDUSD has dithered after the initial test of the important 0.7775-50 zone as the market weighs the USD negative implications of Trump's protectionist threat versus the threat to global trade and steel-making for Australia, a leading iron ore producer. The bears have the upper hand as long as the action remains below the pivot zone, possibly exploring the full extent of the range back toward 0.7500.
audusd
 Source: Saxo Bank

 – Edited by Clare MacCarthy

 

John J Hardy is head of FX strategy at Saxo Bank

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FX Board for Friday, March 2, 2018

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