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Dean's Daily FX Update – 13 June 2017
In the Zone
- AUDUSD
- NZDUSD
- USDCAD
- USDJPY
Noteworthy News
- Both the Scottish and Northern Irish are trying to exert as much pressure as possible during these uncertain times in the UK, I don’t think that they will get their wish but it does take Sottish independence off the table for now.
Recap
The spotlight was completely stolen by the CAD yesterday as we saw some news “out of left field” in Canada late yesterday afternoon. The BOC Governor Wilkins delivered a message to the market – this press statement was not even scheduled on the economic calendar – that hinted towards a major policy shift in Canada and came across as almost shockingly hawkish. The market was a little slow to react as it almost could not believe what was happening, once it hit home though the momentum built and the USDCAD traded as low as 1.3334. There are a lot of long positions that were building ahead of the FOMC tomorrow and so there may have been a squeeze, there is room to trade lower but the 61.8% fib trades at 1.3280 and I suspect that this may be our first level of support.
The GBPUSD was inevitably the other story that the market is watching, I think that traders will start to look for parallels to last year’s Brexit referendum for direction. Cable did fade lower yesterday and so far support formed during the election lows are holding at 1.2635, albeit in a much muted fashion. The market just does not feel comfortable putting any weight behind the bounce, perhaps the fact that we have both a Fed meeting on Wednesday as well as a MPC decision on Thursday to navigate is on the minds of traders. PM May is in a bit of a tough spot at present and she will have to find a way to remove the uncertainty out of the UK, I continue to sit this pair out in the short term.
The commodity currencies continue to lead the way, the AUDUSD and NZDUSD have experienced a good couple of weeks but the momentum is starting to fade somewhat as we see daily divergence build. These two pairs in particular represent the best trading opportunities this week in my opinion and I will be watching both with some intent.
Daily Ranges 13/06/2017
Majors
EURUSD
Resistance 1.1220 – 1.1240
Support 1.1180 – 1.1160
GBPUSD
Resistance 1.2730 – 1.2750
Support 1.2650 – 1.2630
AUDUSD
Resistance 0.7550 – 0.7570
Support 0.7470 – 0.7460
NZDUSD
Resistance 0.7215 – 0.7225
Support 0.7190 – 0.7170
USDCAD
Resistance 1.3390 – 1.3400
Support 1.3270 – 1.3250
USDJPY
Resistance 110.40 – 110.60
Support 109.70 – 109.50
USDCHF
Resistance 0.9710 – 0.9740
Support 0.9660 – 0.9640
Rand
USDZAR
Resistance 12.8750 – 12.8950
Support 12.7670 – 12.7050
EURZAR
Resistance 14.4470 – 14.4800
Support 14.3040 – 14.2700
GBPZAR
Resistance 16.4180 – 16.4560
Support 16.2060 – 16.1660
Minors
AUDCAD
Resistance 1.0100 – 1.0110
Support 1.0000 – 0.9970
AUDJPY
Resistance 83.40 – 83.80
Support 82.50 – 82.20
EURCHF
Resistance 1.0860 – 1.0880
Support 1.0840 – 1.0820
EURGBP
Resistance 0.8840 – 0.8870
Support 0.8780 – 0.8750
EURJPY
Resistance 123.80 – 124.00
Support 123.20 – 123.00
GBPJPY
Resistance 140.40 – 140.60
Support 139.00 – 138.70
GBPCAD
Resistance 1.7070 – 1.7100
Support 1.6820 – 1.6800
GBPCHF
Resistance 1.2350 – 1.2370
Support 1.2250 – 1.2220
Indices
DE30
Resistance 12800 – 12820
Support 12700 – 12680
UK100
Resistance
Support
US500
Resistance 2440 – 2460
Support 2420 – 2400
US30
Resistance 21200 – 21400
Support 21100 – 20900
SA40
Resistance 46200 – 46500
Support 45500 – 45300
Commodities
BRENT
Resistance 48.92 – 59.10
Support 48.20 – 48.00
XAUUSD
Resistance 1290 – 1300
Support 1250 – 1230
XAGUSD
Resistance 17.10 – 17.30
Support 16.70 – 16.50
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