A very slow open to the FX market this week, New Zealand are on a bank holiday today and I am sure most of the Americans were more concerned about the Super Bowl last night than trading the week’s open.
Dean's Daily FX Update – 06 February 2017
In the Zone
- GBPUSD
- AUDUSD
- NZDUSD
- USDCAD
- USDZAR
Noteworthy News
- Germany over the weekend suggesting that Italy, France and Portugal given more time to cut deficits. Strangely enough there are some pretty important elections in these countries in 2017, is Germany trying to prevent further “Brexit” like results this year.
Recap
We saw on the weekend that the Appeals Court in the US affectively rejected President Trumps travel ban in the present format. I have no doubt that this will either go to the Supreme Court or perhaps written with different parameters. The encouraging thing about this is that we can see that there are checks and balances in place, this will hopefully protect the US from over eccentric policies.
We cover a lot of pairs in the morning video, the market closed on Friday night with the dollar poised to stage a recovery of sorts and we can see this in a lot of pairs – especially the commodity currencies. You would also think that the suspended travel ban would be supportive for the greenback and this gives further evidence for the dollar to make some in roads, patience will be the order of the day though.
The EURUSD did find an early high this morning around 1.0780 which was previous resistance, the technical indicators are in the middle of no man’s land for me which means I would rather sit this pair out. It does seem as though sellers are building around 1.0780 – 1.0820 and considering there is yet another ECB press conference this week, the EUR could be vulnerable later in the week.
We cover the rest of the pairs in the video this morning.
Daily Ranges 06/02/2017
Majors
EURUSD
Resistance 1.0800 – 1.0820
Support 1.0740 – 1.0720
GBPUSD
Resistance 1.2560 – 1.2580
Support 1.2450 – 1.2420
AUDUSD
Resistance 0.7680 – 0.7700
Support 0.7640 – 0.7610
NZDUSD
Resistance 0.7325 – 0.7340
Support 0.7280 – 0.7250
USDCAD
Resistance 1.3050 – 1.3070
Support 1.2990 – 1.2970
USDJPY
Resistance 113.10 – 113.30
Support 112.50 – 112.15
USDCHF
Resistance 0.9940 – 0.9960
Support 0.9880 – 0.9865
Rand
USDZAR
Resistance 13.3800 – 13.4200
Support 13.2600 – 13.2230
EURZAR
Resistance 14.4040 – 14.4250
Support 14.2850 – 14.2500
GBPZAR
Resistance 16.7550 – 16.7900
Support 16.5730 – 16.5450
Minors
AUDCAD
Resistance 1.0001 – 1.0015
Support 0.9950 – 0.9920
AUDJPY
Resistance 86.60 – 86.90
Support 86.00 – 85.80
EURCHF
Resistance 1.0700 – 1.0720
Support 1.0660 – 1.0640
EURGBP
Resistance 0.8630 – 0.8660
Support 0.8570 – 0.8520
EURJPY
Resistance 121.70 – 122.00
Support 121.00 – 120.80
GBPJPY
Resistance 141.70 – 141.90
Support 140.30 – 140.10
GBPCAD
Resistance 1.6350 – 1.6370
Support 1.6240 – 1.6215
GBPCHF
Resistance 1.2460 – 1.2490
Support 1.2377 – 1.2350
Indices
DE30
Resistance 11680 – 11750
Support 11550 – 11470
UK100
Resistance 7190 – 7220
Support 7140 – 7120
US500
Resistance 2290 – 2320
Support 2260 – 2240
US30
Resistance 20065 – 20080
Support 19900 – 19600
SA40
Resistance 46400 – 46600
Support 45800 – 45500
Commodities
BRENT
Resistance 57.20 – 57.60
Support 56.40 – 56.20
XAUUSD
Resistance 1220.00 – 1230.00
Support 1200.00 – 1180.20
XAGUSD
Resistance 17.60 – 17.80
Support 17.20 – 17.10
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