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Dean's Daily FX Update – 12 April 2017
In the Zone
- EURUSD
- GBPUSD
- AUDUSD
- NZDUSD
- USDCAD
- USDCHF
- USDZAR
Noteworthy News
- Oil has been an outperformer this week, talk of OPEC wanting to extend production cuts is the catalyst. Watch for comments out of Iran as they have the potential to scupper this agreement.
Recap
For a second consecutive day the markets were a little bit quiet, the US Treasuries did fall a little bit and maybe at the back of every traders mind is the geopolitical factors at play. The JPY was the only real mover in the FX space as there would have been some moves into safe havens like the JPY and gold. My gut says that the market is starting to lose patience with the empty promises on market reform. President Trump once again promised good news on tax reform, the problem is that he promised the same with healthcare, new trade agreements and also a wall along the US-Mexico border. Other than the attack on Syria last week, he is still to achieve anything that he set out to – and the market is concerned.
The USDJPY had a bumper day and strengthened by over 1%, the catalyst was the move to safe havens and this was confirmed by similar large moves into gold and bond yields. On a technical level, the pair did break below 110.00 support yesterday. Things like the North Korea situation generally blow over, but I am going to employ a wait and see strategy here as this pair could potentially trade much lower. The next major support levels come in at 109.30 and 109.00, while the 100 day MA trades at 108.75.
The reports are a little shorter this morning as most of the pairs are in range and getting covered in the video, be wary of the USDCAD and GBPUSD as we have event risk in the form of BOC rate decision today and BOE Carney speeches this afternoon. I am sure there may be some comments around the Brexit consequences for sterling and so there could be some short term volatility.
Daily Ranges 12/04/2017
Majors
EURUSD
Resistance 1.0620 – 1.0640
Support 1.0580 – 1.0560
GBPUSD
Resistance 1.2480 – 1.2520
Support 1.2400 – 1.2380
AUDUSD
Resistance 0.7520 – 0.7530
Support 0.7480 – 0.7460
NZDUSD
Resistance 0.6960 – 0.6980
Support 0.6920 – 0.6900
USDCAD
Resistance 1.3350 – 1.3370
Support 1.3300 – 1.3280
USDJPY
Resistance 110.30 – 110.60
Support 109.50 – 109.20
USDCHF
Resistance 1.0099 – 1.0105
Support 1.0060 – 1.0040
Rand
USDZAR
Resistance 13.9130 – 13.9350
Support 13.7650 – 13.7370
EURZAR
Resistance 14.7630 – 14.8040
Support 14.5800 – 14.5500
GBPZAR
Resistance 17.3420 – 17.3700
Support 17.1350 – 17.1020
Minors
AUDCAD
Resistance 1.0012 – 1.0022
Support 0.9977 – 0.9950
AUDJPY
Resistance 82.80 – 83.00
Support 82.00 – 81.70
EURCHF
Resistance 1.0697 – 1.0710
Support 1.0670 – 1.0630
EURGBP
Resistance 0.8530 – 0.8560
Support 0.8480 – 0.8450
EURJPY
Resistance 117.00 – 117.30
Support 116.20 – 116.00
GBPJPY
Resistance 137.50 – 137.70
Support 136.70 – 136.50
GBPCAD
Resistance 1.6640 – 1.6670
Support 1.6560 – 1.6530
GBPCHF
Resistance 1.2570 – 1.2600
Support 1.2510 – 1.2500
Indices
DE30
Resistance 12210 – 12220
Support 12130 – 12100
UK100
Resistance 7380 – 7400
Support 7340 – 7320
US500
Resistance 2360 – 2380
Support 2350 – 2320
US30
Resistance 20700 – 20750
Support 20600 – 20580
SA40
Resistance 47600 – 48000
Support 46400 – 46200
Commodities
BRENT
Resistance 56.50 – 56.80
Support 55.80 – 55.50
XAUUSD
Resistance 1275.00 – 1280.00
Support 1260.00 – 1250.00
XAGUSD
Resistance 18.20 – 18.40
Support 17.90 – 17.70
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