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07 March 2017 – Dean Forex Market Commentary

07 Mar
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07 March 2017 – Dean Forex Market Commentary

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Dean’s Daily FX Update – 07 March 2017

In the Zone

  • GBPUSD
  • NZDUSD

Noteworthy News

  • President Trump signed a “new” travel ban yesterday, there has not been much news on this front but it would seem the ban is the same to the first attempt with only Iraq off the ban. Will this put pressure on the dollar as it did a couple weeks ago?

Recap

There is little doubt that we are going to see a hike next week, anything else will be a shock – and would probably mean the Fed would lose a lot of credibility. I still have this feeling though that traders might still look to take positions off the table leading into the NFP data on Friday, and then to start building again if the data is not a terrible one. I think this is what we are seeing in Asia, and I wonder if we will see something similar in the London session.

The EURUSD traded in a very tight range yesterday of 1.0580 – 1.0600, as the market becomes intrigued by French politics, the key level for me this morning is 1.0620. I do think that EUR will launch another attempt at that resistance again, will it be able to sustain a break above is the real question.

The USDJPY did get as low as 113.65 but found some immediate support and traded to 114.20 before it found resistance. It seems a little undecided today and will need something to spark some action.

The GBP, CAD, AUD and NZD all recovered Friday’s losses yesterday before finding a fresh dose of dollar sellers. They all face their own form of fundamental risk at the moment and all look to break tight ranges ahead of the FOMC on Friday.

We once again are light on the opportunity front and I suspect that it may be about treading water until Wednesday or Thursday next week. I am keeping my eye in the USD Index for now to show any clues as to where next for the dollar, for me it seems as though the market is set to lighten some of the dollar long positions.

Daily Ranges 07/03/2017

Majors

EURUSD

Resistance                                          1.0600 – 1.0620

Support                                                1.0540 – 1.0520

GBPUSD

Resistance                                          1.2270 – 1.2290

Support                                                1.2220 – 1.2200

AUDUSD

Resistance                                          0.7620 – 0.7650

Support                                                0.7540 – 0.7510

NZDUSD

Resistance                                          0.7030 – 0.7060

Support                                                0.7000 – 0.6980

USDCAD

Resistance                                          1.3400 – 1.3415

Support                                                1.3360 – 1.3340

USDJPY

Resistance                                          114.20 – 114.30

Support                                                113.60 – 113.20

USDCHF

Resistance                                          1.0130 – 1.0150

Support                                                1.0090 – 1.0070

Rand

USDZAR

Resistance                                          13.0555 – 13.0800

Support                                                12.9670 – 12.9400           

EURZAR

Resistance                                          13.8080 – 13.8390

Support                                                13.7230 – 13.7040

GBPZAR

Resistance                                          15.9840 – 16.0270

Support                                                15.8830 – 15.8550

Minors

AUDCAD

Resistance                                          1.0200 – 1.0240

Support                                                1.0130 – 1.0100

AUDJPY

Resistance                                          86.70 – 87.00

Support                                                86.10 – 85.90

EURCHF

Resistance                                          1.0690 – 1.0710

Support                                                1.0670 – 1.0640

EURGBP

Resistance                                          0.8650 – 0.8670

Support                                                0.8610 – 0.8590

EURJPY

Resistance                                          120.80 – 121.00

Support                                                120.20 – 120.00

GBPJPY

Resistance                                          139.80 – 140.00

Support                                                139.10 – 138.80

GBPCAD

Resistance                                          1.6440 – 1.6460

Support                                                1.6360 – 1.6330

GBPCHF

Resistance                                          1.2400 – 1.2420

Support                                                1.2350 – 1.2330

Indices

DE30

Resistance                                          12000 – 12030

Support                                                11930 – 11900

UK100

Resistance                                          7370 – 7400

Support                                                7320 – 7300

US500

Resistance                                          2380 – 2400

Support                                                2370 – 2350

US30

Resistance                                          21050 – 21070

Support                                                20900 – 20850

SA40

Resistance                                          44700 – 44800

Support                                                44000 – 43800

Commodities

BRENT

Resistance                                          55.90 – 56.00

Support                                                55.00 – 54.80

XAUUSD

Resistance                                          1254.00 – 1250.00

Support                                                1225.00 – 1215.00

XAGUSD

Resistance                                          18.00 – 18.10

Support                                                17.70 – 17.30

Important Economic Data out today

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