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13 September 2017- Dean Forex Market Commentary

13 Sep
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13 September 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

Dean’s Daily FX Update – 13 September 2017

In the Zone

  • AUDUSD
  • Oil

Noteworthy News

  • A bit of a minor story at present, but one I think has more significance in my opinion that a lot of others. US are threatening to put sanctions over China, it will be interesting to see the outcome of the world two biggest economies butting heads.

Recap

I was waiting to see yesterday if the market would continue its recent recovery or if Monday was merely a relief rally. We really did not get many answers as most major pairs continue to hover around major support and resistance levels, there was not much in the form of economic data to move the market and there is a blackout out of the Fed because of the looming interest rate decision next week.

There was a lot of action in cable as the GBPUSD found a nice bid on the back of much higher than expected inflation data. It did take its time to move above a major trend line level at 1.3237, but once New York traders got to their desk, the currency moved above 1.3300. This is the highest level it has traded at since September 2016, I am interested in looking to fade this move but I wait for London to get online.

The only other pair to enjoy a little volatility was the USDJPY, this is generally a fundamentally traded pair and the fact that fears start to lesson of a conflict with North Korea the pair tends to get behind the dollar. The momentum that came from all three sessions allowed for the pair to trade through both the 100 and 200 hour MA at 109.31 and 109.75 respectively. Trend line resistance comes in at 110.50 and this will be a key level to watch as I suspect that some traders may start building offers there.

The market did not give us much yesterday and I am cautious to get caught in any big positions, I continue to focus my attention to the AUDUSD and Oil prices today these are the two that offer the most opportunity for me.

Keep an eye out for the afternoon video that tries to tie everything together.

Important Economic Data out today

10:30                                     GBP                                       Average Earnings Index

Consensus:                         2.3%

Effect:                                   Actual higher than expected is good for the GBP

 

14:30                                     USD                                       PPI

Consensus:                         0.3%

Effect:                                   Actual higher than expected is good for the USD

 

16:30                                     USD                                       Crude Oil Inventories

Consensus:                         -124.3B

Effect:                                   No consistent effect on the USD

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