Welcome to BlackStone Futures - Leading FSB Regulated Forex Broker

10 March 2017 – Dean Forex Market Commentary

10 Mar
Forex Market Preview

10 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

With the exception of the EUR, the other major currencies became a little bit subdued yesterday as we head into the NFP release today. The NFP started the week as a make or break number, but after the ADP Employment report on Wednesday, it has become almost irrelevant as an interest rate hike is for the most part nailed on.

Dean’s Daily FX Update – 10 March 2017

In the Zone

  • GBPUSD
  • AUDUSD
  • NZDUSD
  • USDCAD
  • USDJPY
  • USDZAR

Noteworthy News

  • We are starting to get to crunch time in the Brexit negotiations as both sides prepare for tough negotiations. Ultimately, I don’t believe that there will be much change in trade deals. The EU will have to try and stave off future exits though.

Recap

It is difficult to know how much of that hike is priced in, judging by the dollar run we have had in the last 2 weeks I would suspect that almost all of it. Saying that, there is more risk today that the dollar gets disappointed and we see a sell off this afternoon before the FOMC next week – there could be a “buy the rumour, sell the fact,” opportunity such as last week. In conjunction with that, the market is expecting a really strong jobs report this afternoon and a weak report will not be well received, anything less than a 100K jobs created will cause some jitters which will see a massive dollar sell off.

ECB president Draghi was surprisingly upbeat yesterday, the ECB did not change stimulus but he did note that he was seeing steady growth and employment and this was the catalyst for the EUR pairs to trade higher. The 100 hour MA level at 1.0575 will be the pivotal level this morning and will probably define bullish and bearish. The pair will trade within a tight range leading into the jobs report this afternoon and it will be interesting to note which level will break, on the bottom side we have 1.0500 and the top side resistance at 1.0650.

All the pairs seem to be poised to retrace against the dollar this afternoon, I suspect that the morning may be subdued before we spring into action this afternoon. I cover the rest of the pairs in the morning video.

Daily Ranges 10/03/2017

Majors

EURUSD

Resistance                                          1.0600 – 1.0620

Support                                                1.0540 – 1.0520

GBPUSD

Resistance                                          1.2190 – 1.2220

Support                                                1.2130 – 1.2100

AUDUSD

Resistance                                          0.7540 – 0.7570

Support                                                0.7500 – 0.7480

NZDUSD

Resistance                                          0.6920 – 0.6940

Support                                                0.6880 – 0.6876

USDCAD

Resistance                                          1.3510 – 1.3540

Support                                                1.3470 – 1.3420

USDJPY

Resistance                                          115.30 – 115.50

Support                                                114.50 – 114.30

USDCHF

Resistance                                          1.0160 – 1.0180

Support                                                1.0100 – 1.0080

Rand

USDZAR

Resistance                                          13.3000 – 13.3350

Support                                                13.1600 – 13.12500        

EURZAR

Resistance                                          14.0880 – 14.1290

Support                                                13.9180 – 13.8740

GBPZAR

Resistance                                          16.1640 – 16.1970

Support                                                16.0260 – 15.8990

Minors

AUDCAD

Resistance                                          1.0170 – 1.0200

Support                                                1.0120 – 1.0100

AUDJPY

Resistance                                          86.80 – 87.00

Support                                                85.80 – 85.50

EURCHF

Resistance                                          1.0719 – 1.0730

Support                                                1.0690 – 1.0670

EURGBP

Resistance                                          0.8700 – 0.8720

Support                                                0.8650 – 0.8630

EURJPY

Resistance                                          122.20 – 122.40

Support                                                120.90 – 120.70

GBPJPY

Resistance                                          140.40 – 140.70

Support                                                139.10 – 138.80

GBPCAD

Resistance                                          1.6440 – 1.6460

Support                                                1.6370 – 1.6350

GBPCHF

Resistance                                          1.2355 – 1.2375

Support                                                1.2310 – 1.2300

Indices

DE30

Resistance                                          12000 – 12030

Support                                                11930 – 11900

UK100

Resistance                                          7340 – 7400

Support                                                7290 – 7270

US500

Resistance                                          2380 – 2400

Support                                                2360 – 2340

US30

Resistance                                          21000 – 21070

Support                                                20880 – 20850

SA40

Resistance                                          44700 – 44800

Support                                                44000 – 43800

Commodities

BRENT

Resistance                                          53.80 – 54.00

Support                                                52.00 – 51.60

XAUUSD

Resistance                                          1234.00 – 1245.00

Support                                                1200.00 – 1180.00

XAGUSD

Resistance                                          17.20 – 17.40

Support                                                16.90 – 16.70

Important Economic Data out today

Download Our New Weekly Calendar

High Risk Investment Warning: Trading foreign exchange and/or contracts for difference on margin carries a high level of risk, and may not be suitable for all investors. The possibility exists that you could sustain a loss in excess of your deposited funds and therefore, you should not speculate with capital that you cannot afford to lose. Before deciding to trade the products offered by BlackStone Futures you should carefully consider your objectives, financial situation, needs and level of experience. You should be aware of all the risks associated with trading on margin. BlackStone Futures provides general advice that does not take into account your objectives, financial situation or needs. The content of this Website must not be construed as personal advice. BlackStone Futures recommends you seek advice from a separate financial advisor. Please take the time to read our Risk Disclosure Notice.