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08 March 2017 – Dean Forex Market Commentary

08 Mar
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08 March 2017 – Dean Forex Market Commentary

Did you know: The Forex or FX Market derives its name from Foreign Exchange. It is essentially the exchange of currency (money) between two different countries. The FX market is the largest financial market in the world, and is open 24 hours per day, 5 days per week. Read More – Introduction To The Forex Market

Another day that felt as though we were watching grass grow, the ranges in all the major pairs are starting to narrow somewhat ahead of the next week, and most of the action was in the crosses. The dollar still rose though, albeit at a very modest pace as the momentum is starting to slow considerably. The Trump administration are still banging on about currency manipulation, I have mentioned this before, but the US have extremely short memories!

Dean’s Daily FX Update – 08 March 2017

In the Zone

  • GBPUSD
  • NZDUSD
  • USDCAD

Noteworthy News

  • The House of Lords has voted to give PM may the power to reject Brexit terms, this staves off the possibility of the EU trying to force bad terms onto the UK during negotiations.

Recap

The EURUSD traded in a very tight range last night in the New York session (25 pips). The level to watch today will be 1.0560, this is where the buyers entered the market yesterday, and it coincides with the 100 hour moving average which buyers are leaning against for now.

When ranges are tight, the USDJPY usually is a trader’s salvation, but this pair was just as bad with a daily range of 40 pips. The pair did find some support yesterday at 113.60 which is in line with what we were attempting to achieve, as long as this pair stays below 114.00 I think the bias will be for the sellers to make some more headway.

The USDCAD surged on weaker than expected economic data, the pair did manage to find some resistance at the lows that we encountered on Friday. This means that for now the market has created a double top. The pair has not closed below the 100 hour MA since Monday last week which is not sitting at 1.3390. The pair will have to break through those levels before it is able to make some headway.

The AUDUSD has been the resilient pair in the bunch with very positive data coming out of Australia the last 2 days. It is interesting to notice that the pair found resistance at the 61.8% fib, since it is a strategy we are using with the rest of our pairs, it is encouraging to note that this strategy did work.

We discuss some set ups in the FX video this morning, these setups look rather obvious on any other day, but I am still wary of the next week considering the event risk that lies.

Daily Ranges 08/03/2017

Majors

EURUSD

Resistance                                          1.0600 – 1.0620

Support                                                1.0540 – 1.0520

GBPUSD

Resistance                                          1.2250 – 1.2260

Support                                                1.2190 – 1.2170

AUDUSD

Resistance                                          0.7605 – 0.7620

Support                                                0.7560 – 0.7540

NZDUSD

Resistance                                          0.7000 – 0.7020

Support                                                0.6960 – 0.6940

USDCAD

Resistance                                          1.3420 – 1.3435

Support                                                1.3380 – 1.3360

USDJPY

Resistance                                          114.20 – 114.30

Support                                                113.60 – 113.20

USDCHF

Resistance                                          1.0160 – 1.0180

Support                                                1.0100 – 1.0080

Rand

USDZAR

Resistance                                          13.0155 – 13.0300

Support                                                12.9270 – 12.8800           

EURZAR

Resistance                                          13.8080 – 13.8390

Support                                                13.6780 – 13.6250

GBPZAR

Resistance                                          15.8840 – 15.9270

Support                                                15.7860 – 15.7490

Minors

AUDCAD

Resistance                                          1.0200 – 1.0240

Support                                                1.0140 – 1.0120

AUDJPY

Resistance                                          86.70 – 87.00

Support                                                86.10 – 85.90

EURCHF

Resistance                                          1.0720 – 1.0740

Support                                                1.0690 – 1.0670

EURGBP

Resistance                                          0.8670 – 0.8690

Support                                                0.8630 – 0.8610

EURJPY

Resistance                                          120.80 – 121.00

Support                                                120.20 – 120.00

GBPJPY

Resistance                                          139.40 – 139.70

Support                                                138.70 – 138.50

GBPCAD

Resistance                                          1.6420 – 1.6440

Support                                                1.6340 – 1.6320

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                                                2360 – 2340

US30

Resistance                                          21000 – 21070

Support                                                20880 – 20850

SA40

Resistance                                          44700 – 44800

Support                                                44000 – 43800

Commodities

BRENT

Resistance                                          55.90 – 56.00

Support                                                55.00 – 54.80

XAUUSD

Resistance                                          1234.00 – 1245.00

Support                                                1217.00 – 1200.00

XAGUSD

Resistance                                          17.70 – 17.90

Support                                                17.40 – 17.20

Important Economic Data out today

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