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11 April 2017 – Dean Forex Market Commentary

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Dean's Daily FX Update – 11 April 2017

In the Zone

  • EURUSD
  • AUDUSD
  • NZDUSD
  • USDCHF
  • USDZAR

Noteworthy News

  • With the French election set to take place on April 23, the race for President is becoming a lot tighter. This may have some serious consequences for the EUR if we have another surprise result.

Recap

Considering the fireworks on Friday in the form of the bombing in Syria and the weaker than expected US employment data, yesterday was rather subdued. The market was hoping for some insight as to what the US policy will be going forward on Syria and an increasingly hostile attitude towards North Korea, instead it got mixed messages from the White House.

The USDJPY was the big mover yesterday, it has a strong correlation with the US treasury yields and as the debt market got weaker – so did the USDJPY. Traders tried in vain to get price above the 200 hour MA but the battle was too much and eventually as the day got going the pair traded down to 110.80, this level represents the 50% fib. The pair did meander around this level for some time, I mentioned yesterday that my preferred level of interest would be around 110.10, and this remains a level of interest this afternoon.

Cable continues to flirt with the 100 day MA level at 1.2415, it did trade higher yesterday but found some resistance at 1.2430. The pair closed below this level, this morning 1.2415 will be the pivotal line in the sand and the buyers will want to see something that resembles a strong trend formation. As of now, it merely looks as though it was a correction after such a sharp move last week.

Headlines that the largest producing oil well in Libya was idled was enough to send the oil price higher again, and this move in oil was the catalyst for the CAD to trade significantly stronger against the USD. We have existing support levels at both 1.3300 and 1.3285 and that will be the next levels for buyers.

We cover the rest of the pairs in detail in this morning video.

Daily Ranges 11/04/2017

Majors

EURUSD

Resistance                                          1.0620 – 1.0640

Support                                                1.0580 – 1.0560

GBPUSD

Resistance                                          1.2440 – 1.2460

Support                                                1.2370 – 1.2350

AUDUSD

Resistance                                          0.7520 – 0.7530

Support                                                0.7480 – 0.7460

NZDUSD

Resistance                                          0.6960 – 0.6980

Support                                                0.6920 – 0.6900

USDCAD

Resistance                                          1.3380 – 1.3400

Support                                                1.3310 – 1.3300

USDJPY

Resistance                                          111.20 – 111.40

Support                                                110.50 – 110.30

USDCHF

Resistance                                          1.0099 – 1.0105

Support                                                1.0060 – 1.0040

Rand

USDZAR

Resistance                                          13.9530 – 13.9750

Support                                                13.7850 – 13.7570           

EURZAR

Resistance                                          14.7830 – 14.8130

Support                                                14.5800 – 14.5500

GBPZAR

Resistance                                          17.3180 – 17.3400

Support                                                17.1030 – 17.0590

Minors

AUDCAD

Resistance                                          1.0040 – 1.0060

Support                                                1.0006 – 0.9990

AUDJPY

Resistance                                          83.60 – 83.80

Support                                                83.00 – 82.70 

EURCHF

Resistance                                          1.0697 – 1.0710

Support                                                1.0670 – 1.0630

EURGBP

Resistance                                          0.8570 – 0.8600

Support                                                0.8520 – 0.8500

EURJPY

Resistance                                          117.80 – 118.00

Support                                                117.10 – 117.00

GBPJPY

Resistance                                          138.10 – 138.30

Support                                                137.20 – 137.00 

GBPCAD

Resistance                                          1.6610 – 1.6630

Support                                                1.6530 – 1.6500

GBPCHF

Resistance                                          1.2530 – 1.2550

Support                                                1.2470 – 1.2450

Indices

DE30

Resistance                                          12230 – 12250

Support                                                12160 – 12130

UK100

Resistance                                          7350 – 7370

Support                                                7300 – 7270

US500

Resistance                                          2360 – 2380

Support                                                2350 – 2320

US30

Resistance                                          20700 – 20750

Support                                                20600 – 20580

SA40

Resistance                                          47100 – 47300

Support                                                46400 – 46200

Commodities

BRENT

Resistance                                          56.10 – 56.30

Support                                                55.50 – 55.20

XAUUSD

Resistance                                          1255.00 – 1260.00

Support                                                1250.00 – 1240.00 

XAGUSD

Resistance                                          18.00 – 18.10

Support                                                17.70 – 17.50

Important Economic Data out today

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