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In the Zone
- EURUSD
- USDCAD
- NZDUSD
Noteworthy News
- The BOE yesterday reiterated their caution around the banking deregulation that President Trump could deliver in the US. No one wants to see a repeat of what we saw in 2007-2009, global banking systems are going to have to work hard to strike a balance with deregulation and over regulation.
Recap
It does seem as the major pairs have been returning to something that resembles normal technical analysis conditions. I continue to dip my toe into the water as opposed to trade with strong conviction however, the only reason is that I am not entirely certain if this is the quiet before the storm and I am constantly on the lookout for a stupendous tweet from one President Trump.
The EURUSD had another attempt at the 1.0700 level yesterday but found some swift resistance and eventually traded as low as 1.0650. While it is encouraging that we are seeing price continuously test that resistance level, the buyers would want to see price pick up momentum once it breaks through resistance. On the low side today I suspect that 1.0640 – 1.0620 will be initial support, a move below these pairs will be very bearish for this pair.
The GBPUSD has been flirting the entire week at 1.2525 which also represents the 200 hour MA, yesterday we ended the day above this level. If the buyers can extend price higher this morning we should see some momentum build and cable could trade much higher. A move back lower should be met with some support at the 100 hour MA which trades at 1.2475.
The USDJPY, much like sterling, has flirted with major support and resistance levels for the best part of the week. That level comes in at 112.00, yesterday price was able to trade to as low as 111.50 before it was met with some support, and 112.00 become as major battle ground between buyers and sellers again. We have a range between 111.50 and 112.35 forming and price will have to break either level before we get a sustained move.
The oil prices were able to find somewhat of a bounce yesterday off favourable economic data. This is turn has enabled the CAD to make back its recent losses against the dollar. Price closed at 1.3140 and this is a major bearish/bullish battle ground in this pair. I will be watching price action at these levels keenly to determine the next move in this pair.
Dean's Daily FX Update – 09 February 2017
Daily Ranges 09/02/2017
Majors
EURUSD
Resistance 1.0730 – 1.0750
Support 1.0650 – 1.0620
GBPUSD
Resistance 1.2560 – 1.2580
Support 1.2430 – 1.2410
AUDUSD
Resistance 0.7680 – 0.7700
Support 0.7600 – 0.7580
NZDUSD
Resistance 0.7275 – 0.7300
Support 0.7180 – 0.7150
USDCAD
Resistance 1.3190 – 1.3220
Support 1.3085 – 1.3070
USDJPY
Resistance 112.60 – 112.80
Support 111.50 – 111.20
USDCHF
Resistance 0.9980 – 0.9999
Support 0.9930 – 0.9900
Rand
USDZAR
Resistance 13.4700 – 13.5190
Support 13.3620 – 13.3250
EURZAR
Resistance 14.3830 – 14.4050
Support 14.2910 – 14.2570
GBPZAR
Resistance 16.8520 – 16.8830
Support 16.7000 – 16.6680
Minors
AUDCAD
Resistance 1.0080 – 1.0090
Support 1.0000 – 0.9980
AUDJPY
Resistance 85.90 – 86.10
Support 85.20 – 85.00
EURCHF
Resistance 1.0680 – 1.0700
Support 1.0620 – 1.0600
EURGBP
Resistance 0.8570 – 0.8600
Support 0.8500 – 0.8480
EURJPY
Resistance 120.20 – 120.40
Support 119.30 – 119.00
GBPJPY
Resistance 140.70 – 141.00
Support 139.00 – 138.70
GBPCAD
Resistance 1.6510 – 1.6530
Support 1.6370 – 1.6330
GBPCHF
Resistance 1.2490 – 1.2510
Support 1.2407 – 1.2390
Indices
DE30
Resistance 11580 – 11620
Support 11499 – 11470
UK100
Resistance 7190 – 7220
Support 7150 – 7120
US500
Resistance 2300 – 2320
Support 2280 – 2240
US30
Resistance 20110 – 20130
Support 20300 – 19900
SA40
Resistance 46400 – 46600
Support 45200 – 45000
Commodities
BRENT
Resistance 55.80 – 56.00
Support 54.60 – 54.40
XAUUSD
Resistance 1235.00 – 1250.00
Support 1215.00 – 1200.20
XAGUSD
Resistance 17.60 – 17.80
Support 17.40 – 17.20
Important Economic Data out today
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