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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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