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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
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