Hopefully you managed to watch the video of the ranges which Dean published yesterday. Dean sees a potentially choppy day and particularly with Governor Brainard speaking this evening. She is usually “dovish” and any “hawkish” comments could see the market react strongly in favour of the USD. A lot of conflicting views coming out which is very confusing for the Forex market.
Dean's Daily FX Update – 12 September 2016
Dean’s resistance for the EURUSD this week is around 1.13. If the market push through to that level, then he will be looking for shorts in this forex market. There is a slight conflict between the 4hr and daily chart so watch the price action carefully.
Cable (GBPUSD) has some support at 1.3239 and Dean looking a move down to that level before considering longs. He feels that the market could push back up to the 1.3370 level in the short term.
The AUDUSD has been in freefall the last few days. The resistance at 0.7730 proved too much for it to push through and we are now approaching Dean’s level of support at 0.7478. This is the area where he will start to look for longs.
Dean is looking for the USDCAD to make the final push higher towards 1.13 – 1.1330 before looking for shorts. A previous high and a level where this FX pair may run out of steam.
We may see a lot of players jumping into the Yen for safety. Dean is expecting the USDJPY to trade lower and watching the candle stick action this morning.
Watch carefully for what Brainard has to say tonight. Anything hawkish could really move the forex markets towards the USD.
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