There was a lack of any major news flow yesterday which meant there was some two way opportunity in trading and FX traders were able to make profits on both sides of the market, looking at your longer time charts we can see that most of the major pairs did not close too far from their opening prices. The day was largely characterized by a stronger USD in the London session and then a reversal in the New York Session.
Dean's Daily FX Update – 11 January 2017
In the Zone
- GBPUSD
- AUDUSD
- USDCAD
Recap
There was a lack of any major news flow yesterday which meant there was some two way opportunity in trading and traders were able to make profits on both sides of the market, looking at your longer time charts we can see that most of the major pairs did not close too far from their opening prices. The day was largely characterized by a stronger USD in the London session and then a reversal in the New York Session.
The EURUSD did come under some pressure throughout the day yesterday and had multiple attempts at the lows of the day. We did find some support yesterday at 1.0550 and that looks as though we have a strong round of bids, I suspect that we may have another attempt at those levels again this morning and another big bounce will be paramount if the buyers want to continue on their recent recovery.
The USDJPY is really trying hard to have that deeper correction that we have been holding out for. We saw another aggressive bout of selling last night, but just like most of the month we found some strong support at 115.05. The bounce took the pair to 115.75 before closing and the 115.00 level does seem to be the last frontier for the buyers – a close below that price means that we will get that deep correction we are holding out for.
USDCAD is a rollercoaster, but it is presenting some nice two way action for traders. It is caught in a little bit of indecision between strong local economic data but also a floundering oil price. Trading off the Daily chart one would think that the market has not moved but there is come volatility there, we traded from 1.3250 to 1.3180 yesterday and then back to 1.3250.
The commodity market is making a stir this week, oil prices had another disastrous day – closing on the lows for a second consecutive day. The metal prices have also had a fantastic rally, but the metals and oil though are trading near weekly extremes and so I would be cautious in these instruments this morning.
Daily Ranges 11/01/2017
Majors
EURUSD
Resistance 1.0600 – 1.0620
Support 1.0530 – 1.0510
GBPUSD
Resistance 1.2199 – 1.2219
Support 1.2124 – 1.2100
AUDUSD
Resistance 0.7380 – 0.7400
Support 0.7330– 0.7310
NZDUSD
Resistance 0.7019 – 0.7030
Support 0.6960 – 0.6940
USDCAD
Resistance 1.3260 – 1.3280
Support 1.3200 – 1.3190
USDJPY
Resistance 116.30 – 116.50
Support 115.50 – 115.00
USDCHF
Resistance 1.0187 – 1.0200
Support 1.0117 – 1.0110
Rand
USDZAR
Resistance 13.7559 – 13.7850
Support 13.6200 – 13.5890
EURZAR
Resistance 14.4955 – 14.5220
Support 14.4160 – 14.3500
GBPZAR
Resistance 16.7120 – 16.7690
Support 16.5600 – 16.5097
Minors
AUDCAD
Resistance 0.9770 – 0.9780
Support 0.9710 – 0.9700
AUDJPY
Resistance 85.64 – 85.80
Support 85.10 – 85.00
EURCHF
Resistance 1.0740 – 1.0750
Support 1.0700 – 1.0690
EURGBP
Resistance 0.8716 – 0.8740
Support 0.8640 – 0.8620
EURJPY
Resistance 122.90 – 123.00
Support 122.10 – 122.00
GBPJPY
Resistance 141.50 – 141.90
Support 140.30 – 140.00
GBPCAD
Resistance 1.6140 – 1.6170
Support 1.6030 – 1.6000
GBPCHF
Resistance 1.2365 – 1.2385
Support 1.2300 – 1.2280
Indices
DE30
Resistance 11600 – 11650
Support 11520 – 11500
UK100
Resistance 7280 – 7300
Support 7220 – 7200
US500
Resistance 2270 – 2300
Support 2260 – 2220
US30
Resistance 19950 – 20000
Support 19865 – 19820
SA40
Resistance 45600 – 45900
Support 44500 – 44200
Commodities
BRENT
Resistance 55.20 – 55.70
Support 53.50 – 52.80
XAUUSD
Resistance 1187.09 – 1200.00
Support 1180.00 – 1175.20
XAGUSD
Resistance 16.90 – 17.00
Support 16.58 – 16.30
Important Economic Data out today
- 11:30 GBP Manufacturing Production
- 17:30 USD Crude Oil Inventories
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