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Dean's Daily FX Update – 06 June 2017
In the Zone
- EURUSD
- NZDUSD
- USDCHF
- USDJPY
- Gold
Noteworthy News
- Yesterday we saw some early morning tweets from President Trump surrounding his travel ban. In light of recent events in the UK, you may find that he is trying to gain some fresh support for the particular legislation.
Recap
For lack of a better phrase, the market struggled yesterday. It really battled to determine any sort of theme or direction, perhaps the market is braced for what can only be described as “Super Thursday.” Thursday sees the ECB rate decision and press statement, the ex-FBI head Comey testifies and who can forget the UK General Election.
This morning looks like more of the same although it doesn’t get easier for the White House administration with reports over night surfacing which confirms that the Russians attempted to hack the US Elections. It does not confirm if they were successful or not, US politics seem determined to sabotage itself at the moment.
The GBPUSD caught a bid early in the day as yet another poll come to light, this time the poll showed that the conservatives are a little more comfortably ahead than what the polls on Monday suggest. The pair did attempt to break a weekly high at 1.2950 but ultimately found resistance and settled at 1.2900 – well within the recent range.
The USDCAD has been the “odd one out” this week as the CAD has struggled to make big inroads against the dollar as a lot of other pairs have done. It did get as low as 1.3459 but there are worries about both the Canadian housing market and also ailing oil prices that are putting pressure on the loonie.
The AUDUSD was the clear outperformer yesterday as better than expected economic data allowed the “aussie” to make some inroads against the USD. There is some event risk for the AUD this morning but I suspect that we may see that geopolitical factors may outweigh this.
There is not much to write about today and we can see that fundamentals are outweighing everything else at the moment – all we can do is remain patient in the knowledge that we will see some opportunity soon.
Daily Ranges 06/06/2017
Majors
EURUSD
Resistance 1.1270 – 1.1290
Support 1.1230 – 1.1220
GBPUSD
Resistance 1.2950 – 1.2970
Support 1.2870 – 1.2850
AUDUSD
Resistance 0.7480 – 0.7500
Support 0.7430 – 0.7410
NZDUSD
Resistance 0.7160 – 0.7180
Support 0.7110 – 0.7000
USDCAD
Resistance 1.3510 – 1.3530
Support 1.3460 – 1.3440
USDJPY
Resistance 110.60 – 110.80
Support 109.70 – 109.50
USDCHF
Resistance 0.9660 – 0.9680
Support 0.9620 – 0.9600
Rand
USDZAR
Resistance 12.8100 – 12.8550
Support 12.7170 – 12.6950
EURZAR
Resistance 14.4150 – 14.4500
Support 14.2740 – 14.2500
GBPZAR
Resistance 16.5480 – 16.5960
Support 16.3560 – 16.3260
Minors
AUDCAD
Resistance 1.0080 – 1.0090
Support 0.9990 – 0.9980
AUDJPY
Resistance 82.80 – 83.00
Support 82.00 – 81.80
EURCHF
Resistance 1.0890 – 1.0900
Support 1.0850 – 1.0830
EURGBP
Resistance 0.8740 – 0.8760
Support 0.8700 – 0.8680
EURJPY
Resistance 124.60 – 124.80
Support 123.50 – 123.25
GBPJPY
Resistance 142.70 – 142.90
Support 141.80 – 141.60
GBPCAD
Resistance 1.7420 – 1.7440
Support 1.7335 – 1.7310
GBPCHF
Resistance 1.2470 – 1.2490
Support 1.2390 – 1.2370
Indices
DE30
Resistance 12800 – 12850
Support 12720 – 12700
UK100
Resistance
Support
US500
Resistance 2440 – 2460
Support 2390 – 2380
US30
Resistance 21200 – 21400
Support 21100 – 20900
SA40
Resistance 47300 – 47500
Support 46200 – 46000
Commodities
BRENT
Resistance 50.70 – 50.90
Support 49.20 – 49.00
XAUUSD
Resistance 1290 – 1300
Support 1250 – 1230
XAGUSD
Resistance 17.50 – 17.70
Support 17.00 – 16.80
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