Dean's Daily FX Update – 10 October 2016
In the Zone
- NZDUSD
- USDCAD
Noteworthy News
- There was much anticipation going into the final US Presidential debate. Trump supporters should know that he was a lot better (not that he could be worse than last week), he was actually better than expected.
Recap
Early morning open was characterized by weekend gaps in AUDUSD, NZDUSD and USDCAD, I would look for those gaps to close before we settle in for the week.
With public holidays today in Japan, Canada and the US – early morning trade has been very subdued. We may see a little more action once the London session gets underway but if ever you were going to sit out a trading day – today could be it.
GBPUSD will be in the spot light this morning, it is inevitable that we will see some jawboning with regards to Brexit. I have no doubt that the EU will be trying to emphasize a tough time for the UK whilst the UK will try and reassure its citizens of a “soft” Brexit. In the short to medium term I would stay out the GBPUSD as we could see this pair fall even lower – I have said it before but in the longer term the EU should be careful of its actions, the UK is still the second biggest economy in Europe and they are deluding themselves if they believe that there will be no impact on the EU with a hard Brexit.
Daily Ranges
EURUSD
Resistance 1.1191 – 1.1215
Support 1.1140 – 1.1135
GBPUSD
Resistance 1.2532 – 1.2555
Support 1.2400 – 1.2328
AUDUSD
Resistance 0.7605 – 0.7620
Support 0.7566 – 0.7551
NZDUSD
Resistance 0.7159 – 0.7178
Support 0.7131 – 0.7119
USDCAD
Resistance 1.3273 – 1.3300
Support 1.3210 – 1.3200
USDJPY
Resistance 103.68 – 103.80
Support 102.90 – 102.50
USDCHF
Resistance 0.9815 – 0.9840
Support 0.9796 – 0.9750
USDZAR
Resistance 13.9434 – 13.9700
Support 13.7587 – 13.7000
Important Economic Data out today
- JPY Public Holiday
- CAD Public Holiday
- USD Public Holiday
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