Yesterday the market had more twists than a koeksister. The dollar started the day making some gains against all the major pairs, but these were later erased after the FOMC decision. The Fed was very similar to what we have heard previously, there was neither a hawkish tone nor was there any hint on the next interest rate hike.
Dean's Daily FX Update – 02 February 2017
In the Zone
- EURUSD
- GBPUSD
- AUDUSD
- NZDUSD
- USDCAD
- USDJPY
Noteworthy News
- There is a lot of talk coming out over the need for a weaker dollar, the only way to achieve that is to keep interest rates low. To keep interest low means that you can’t have infrastructure spend, which Donald Trump has reiterated will be his legacy. Trumponomics in full flight?
Recap
The report this morning is going to be a little shorter than usual today as we cover almost all the pairs in the morning video. The reason for this is that the dollar is effectively at “tipping point” against all the pairs today, the dollar is trading near either support or resistance and we are going to either “test and reject” these levels or we are going to break through.
We have event risk in both the GBP and EUR today as the central bank in both regions will be releasing press conferences. If we factor in that we have Non-Farm Payrolls tomorrow, the next 36 hours could prove to be telling. Most of the pairs did a full round trip yesterday and so we search for direction today – we have included the technical reasons to trade in this morning’s video but there a lot of fundamental factors in play today.
Daily Ranges 02/02/2017
Majors
EURUSD
Resistance 1.0800 – 1.0820
Support 1.0740 – 1.0720
GBPUSD
Resistance 1.2670 – 1.2700
Support 1.2570 – 1.2540
AUDUSD
Resistance 0.7640 – 0.7670
Support 0.7570 – 0.7540
NZDUSD
Resistance 0.7300 – 0.7320
Support 0.7250 – 0.7240
USDCAD
Resistance 1.3080 – 1.3100
Support 1.3000 – 1.2970
USDJPY
Resistance 113.60 – 113.80
Support 112.50 – 112.15
USDCHF
Resistance 0.9940 – 0.9960
Support 0.9880 – 0.9865
Rand
USDZAR
Resistance 13.5080 – 13.5390
Support 13.3520 – 13.3130
EURZAR
Resistance 14.5530 – 14.5820
Support 14.4120 – 14.3600
GBPZAR
Resistance 17.0240 – 17.0500
Support 16.9060 – 16.8650
Minors
AUDCAD
Resistance 0.9940 – 0.9970
Support 0.9880 – 0.9850
AUDJPY
Resistance 86.20 – 86.40
Support 85.50 – 85.20
EURCHF
Resistance 1.0680 – 1.0700
Support 1.0640 – 1.0620
EURGBP
Resistance 0.8560 – 0.8580
Support 0.8510 – 0.8490
EURJPY
Resistance 122.40 – 122.60
Support 121.40 – 121.10
GBPJPY
Resistance 143.40 – 143.70
Support 141.70 – 141.50
GBPCAD
Resistance 1.6510 – 1.6540
Support 1.6370 – 1.6350
GBPCHF
Resistance 1.2550 – 1.2570
Support 1.2440 – 1.2410
Indices
DE30
Resistance 11680 – 11750
Support 11550 – 11470
UK100
Resistance 7140 – 7160
Support 7070 – 7050
US500
Resistance 2290 – 2300
Support 2260 – 2240
US30
Resistance 20030 – 20070
Support 19800 – 19600
SA40
Resistance 46700 – 46900
Support 45900 – 45700
Commodities
BRENT
Resistance 56.60 – 56.80
Support 55.50 – 55.10
XAUUSD
Resistance 1225.00 – 1240.00
Support 1200.00 – 1180.20
XAGUSD
Resistance 17.60 – 17.80
Support 17.10 – 16.80
Important Economic Data out today
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