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A slow Asian Pacific session to start the new quarter, the report this morning will be slightly shorter than most as we cover a lot of detail in the morning video
Dean's Daily FX Update – 03 April 2017
In the Zone
- EURUSD
- GBPUSD
- AUDUSD
- USDCAD
Noteworthy News
- An interesting article surfaced over the weekend that highlighted some of the top Fund Managers currency strategy for the year, and most of them included shorting the greenback.
Recap
The big mover this morning was the AUDUSD, we have event risk in the form of an RBA rate decision early tomorrow morning, but a terrible retail sales data release has seen the pair lose a lot of ground already this morning. The risk of the meeting tomorrow may start favouring something a little bit more dovish. I will sit this pair out today in the hope that the AUD trades a little lower this week, possibly as low as 0.7500, and then find some opportunity later in the week.
Over the weekend, we highlighted 111.20 as a massive pivotal level in the USDJPY. The JPY found some support this morning and with it a nice move. I would look at sellers coming in at 111.60 – 111.78 and so this will form the first resistance.
On the surface it would seem as though the EURUSD could be poised for a retracement, after such a big move last week it certainly would make sense. The level I will be watching this morning is 1.0680 – 1.0700, this proved to be some major resistance last week and I will want to see price break above that level before I get interested.
It looks like it could be a tricky day today and so I am going to be a little more cautious than normal, it does seem to me as though we could see some opportunity created a little later in the week though.
Daily Ranges 03/04/2017
Majors
EURUSD
Resistance 1.0700 – 1.0710
Support 1.0660 – 1.0640
GBPUSD
Resistance 1.2530 – 1.2550
Support 1.2450 – 1.2430
AUDUSD
Resistance 0.7640 – 0.7660
Support 0.7603 – 0.7585
NZDUSD
Resistance 0.7030 – 0.7050
Support 0.6980 – 0.6960
USDCAD
Resistance 1.3340 – 1.3360
Support 1.3290 – 1.3270
USDJPY
Resistance 111.79 – 112.00
Support 111.20 – 111.00
USDCHF
Resistance 1.0020 – 1.0050
Support 0.9950 – 0.9930
Rand
USDZAR
Resistance 13.4520 – 13.4800
Support 13.1900 – 13.1620
EURZAR
Resistance 14.3625 – 14.4050
Support 14.1290 – 14.0800
GBPZAR
Resistance 16.8350 – 16.8870
Support 16.5430 – 16.5000
Minors
AUDCAD
Resistance 1.0177 – 1.0200
Support 1.0120 – 1.0100
AUDJPY
Resistance 85.40 – 85.65
Support 84.50 – 84.20
EURCHF
Resistance 1.0700 – 1.0720
Support 1.0670 – 1.0650
EURGBP
Resistance 0.8580 – 0.8620
Support 0.8480 – 0.8430
EURJPY
Resistance 119.40 – 119.60
Support 118.70 – 118.40
GBPJPY
Resistance 139.80 – 139.95
Support 138.90 – 138.70
GBPCAD
Resistance 1.6700 – 1.6730
Support 1.6590 – 1.6570
GBPCHF
Resistance 1.2550 – 1.2580
Support 1.2470 – 1.2450
Indices
DE30
Resistance 12380 – 12400
Support 12250 – 12220
UK100
Resistance 7370 – 7390
Support 7310 – 7290
US500
Resistance 2360 – 2480
Support 2330 – 2310
US30
Resistance 20700 – 20750
Support 20550 – 20500
SA40
Resistance 46100 – 46500
Support 45100 – 45000
Commodities
BRENT
Resistance 52.80 – 53.00
Support 51.60 – 51.40
XAUUSD
Resistance 1249.00 – 1255.00
Support 1240.00 – 1220.00
XAGUSD
Resistance 18.10 – 18.40
Support 18.00 – 17.80
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