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13 February 2017 – Dean Forex Market Commentary

13 Feb
Forex Market Preview

13 February 2017 – Dean Forex Market Commentary

Did you know: The Forex or FX Market derives its name from Foreign Exchange. It is essentially the exchange of currency (money) between two different countries. The FX market is the largest financial market in the world, and is open 24 hours per day, 5 days per week. Read More – Introduction To The Forex Market

In the Zone

  • EURUSD
  • AUDUSD
  • NZDUSD
  • USDJPY
  • USDCHF

Noteworthy News

  • A new era of “populism” politics seems to be sweeping the world, and yesterday we had a front seat of it at the State of the Nation. There still needs to be a level of decorum, as last night’s incidents were rather embarrassing.

Recap

Early this morning, the dollar is on the front foot again – after the strong close on record highs in US equity markets on Friday, this sort of open should have been expected as the Asian pacific played catch up. There was also some early action in the US treasury yields, after the geo political events over the weekend – this too was expected.

The USDJPY was the early mover with the pair moving to as high as 114.10 before running out of momentum. The JPY crosses were largely dragged higher as per our weekend discussion, the meeting with Abe and Trump was amicable and combined with the North Korea missile saga, the JPY is very weak this morning. We are currently trading at major resistance and the markets have a knack of absorbing this type of news relatively quickly, and so I would be looking to fade this move later this morning.

The GBPUSD is little changed, we closed last week in the middle of a large range and the market seems undecided on what route to take now. For now, the bias would be to fade any dollar moves, but as discussed over the last couple of weeks – I continue to sit this pair out as it is prone to move on any Brexit headlines.

I cover the rest of the pairs in the morning video.

Dean’s Daily FX Update – 13 February 2017

Daily Ranges 13/02/2017

Majors

EURUSD

Resistance                                          1.0680 – 1.0700

Support                                                1.0625 – 1.0605

GBPUSD

Resistance                                          1.2560 – 1.2580

Support                                                1.2440 – 1.2410

AUDUSD

Resistance                                          0.7670 – 0.7710

Support                                                0.7625 – 0.7610

NZDUSD

Resistance                                          0.7240 – 0.7260

Support                                                0.7190 – 0.7160

USDCAD

Resistance                                          1.3140 – 1.3170

Support                                                1.3075 – 1.3050

USDJPY

Resistance                                          113.90 – 114.20

Support                                                113.00 – 112.80

USDCHF

Resistance                                          1.0040 – 1.0060

Support                                                1.0000 – 0.9960

Rand

USDZAR

Resistance                                          13.4250 – 13.4650

Support                                                13.3310 – 13.3050           

EURZAR

Resistance                                          14.2700 – 14.3180

Support                                                14.1795 – 14.1500

GBPZAR

Resistance                                          16.7910 – 16.8360

Support                                                16.6500 – 16.6240

Minors

AUDCAD

Resistance                                          1.0060 – 1.0080

Support                                                1.0000 – 0.9980

AUDJPY

Resistance                                          87.40 – 87.70

Support                                                86.50 – 86.20

EURCHF

Resistance                                          1.0680 – 1.0700

Support                                                1.0630 – 1.0610

EURGBP

Resistance                                          0.8550 – 0.8570

Support                                                0.8490 – 0.8470

EURJPY

Resistance                                          121.20 – 121.40

Support                                                120.30 – 120.00

GBPJPY

Resistance                                          142.50 – 142.80

Support                                                140.90 – 140.60

GBPCAD

Resistance                                          1.6430 – 1.6460

Support                                                1.6310 – 1.6300

GBPCHF

Resistance                                          1.2550 – 1.2570

Support                                                1.2470 – 1.2440

Indices

DE30

Resistance                                          11690 – 11730

Support                                                11600 – 11570

UK100

Resistance                                          7280 – 7320

Support                                                7220 – 7190

US500

Resistance                                          2330 – 2360

Support                                                2280 – 2260

US30

Resistance                                          20300 – 20550

Support                                                20150 – 20110

SA40

Resistance                                          46000 – 46200

Support                                                45000 – 44800

Commodities

BRENT

Resistance                                          56.80 – 57.00

Support                                                55.50 – 55.10

XAUUSD

Resistance                                          1235.00 – 1250.00

Support                                                1215.00 – 1200.20

XAGUSD

Resistance                                          17.60 – 17.80

Support                                                17.40 – 17.20

Important Economic Data out today

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