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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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