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13 April 2017 – Dean Forex Market Commentary

13 Apr
Forex Market Preview

13 April 2017 – Dean Forex Market Commentary

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Dean’s Daily FX Update – 13 April 2017

In the Zone

  • EURUSD
  • GBPUSD
  • AUDUSD
  • NZDUSD
  • USDCAD
  • USDCHF
  • USDJPY
  • USDZAR

Noteworthy News

  • Nothing seems like bigger news than President Trump suggesting the dollar is too strong, keep an eye on his twitter account.

Recap

For the most part of the day it seemed as though we were in for another slow one, even event risk in the GBP came and went without a murmur. The USDCAD was different and there was a lot of choppiness in this pair on the back of the BOC rate decision and statement, we were prepared for this though and so managed to stay out of the pair.

We were not prepared for the President Trump comments published by the Wall Street Journal, the market was slow to react, but when it did the momentum was strong. I will prepare something this weekend that gives a summarised version on President Trumps about turn since becoming President, but the headline that caused the chaos yesterday was his comments suggesting that he would prefer a low rate policy. He also retracted his statements on Fed Chair Yellen, suggested she could be offered a new contract – could President Trump be a dove?

Presidents Trumps comments were still reverberating in the Asian Pacific session, the EURUSD had bounced off support at 1.0600 earlier last night and is trading at 1.0670 this morning. This is the top of the weekly range and the pair will have to break this level if the bulls are going to find anymore traction.

Both the AUDUSD and the NZDUSD were big benefactors of these comments, and the losses that both commodity pairs had been set to make were quickly erased. There was good data coming out of Australia early this morning and this has allowed both pairs to strengthen even more this morning.

The video this morning is a little longer than normal as almost all the major pairs have been moved to their weekly extremes, I really wish that this happened on Monday as that would create some exciting opportunity. My concern is that with the pending 4 day weekend on us, this move may just fizzle out.

Daily Ranges 13/04/2017

Majors

EURUSD

Resistance                                        1.0680 – 1.0700

Support                                             1.0610 – 1.0600

GBPUSD

Resistance                                        1.2560 – 1.2580

Support                                             1.2470 – 1.2450

AUDUSD

Resistance                                        0.7600 – 0.7630

Support                                             0.7510 – 0.7500

NZDUSD

Resistance                                        0.7020 – 0.7050

Support                                             0.6940 – 0.6920

USDCAD

Resistance                                        1.3300 – 1.3320

Support                                             1.3230 – 1.3200

USDJPY

Resistance                                        109.90 – 110.20

Support                                             109.10 – 108.70

USDCHF

Resistance                                        1.0070 – 1.0080

Support                                             1.0010 – 1.0000

Rand

USDZAR

Resistance                                        13.7260 – 13.7550

Support                                             13.4550 – 13.4070          

EURZAR

Resistance                                        14.5530 – 14.5940

Support                                             14.3530 – 14.3200

GBPZAR

Resistance                                        17.1400 – 17.1700

Support                                             16.9140 – 16.8750

Minors

AUDCAD

Resistance                                        1.0070 – 1.0085

Support                                             1.0000 – 0.9980

AUDJPY

Resistance                                        82.90 – 83.20

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                                        116.60 – 116.80

Support                                             115.90 – 115.70

GBPJPY

Resistance                                        137.20 – 137.50

Support                                             136.50 – 136.10

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                                        12180 – 12210

Support                                             12130 – 12100

UK100

Resistance                                        7380 – 7400

Support                                             7340 – 7320

US500

Resistance                                        2360 – 2380

Support                                             2350 – 2320

US30

Resistance                                        20650 – 20700

Support                                             20600 – 20580

SA40

Resistance                                        47600 – 48000

Support                                             46400 – 46200

Commodities

BRENT

Resistance                                        56.50 – 56.80

Support                                             55.80 – 55.50

XAUUSD

Resistance                                        1280.00 – 1290.00

Support                                             1260.00 – 1250.00

XAGUSD

Resistance                                        18.40 – 18.60

Support                                             18.00 – 17.80

Important Economic Data out today

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