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14 February 2017 – Dean Forex Market Commentary

14 Feb
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14 February 2017 – Dean Forex Market Commentary

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There was not much on the economic data front to give the markets a boost yesterday and so we had to try read some clues through some of the political developments that we saw unfold yesterday. Major news is that the US National Security Advisor, Michael Flynn has resigned, reports suggest that he was giving a choice between resigning and being fired after it emerged that he lied to Vice President Pence over conversations he had with Russia. Barely three weeks into the new administration and US politics is already clouded in controversy.

In the Zone


Noteworthy News

  • Many Europeans are breathing a sigh of relief after it emerged that despite winning the first round of voting, Le Pen was far behind after the second round in French elections. I wouldn’t read too much into that just yet – Trump was always behind Clinton, until voting day. This election could be tighter than what is been reported.


The dollar spent most of the day on the front foot and made head way against most the pairs, it is still too early to determine how this resignation will affect the dollar. I think that the initial reaction will be for the greenback to weaken, but don’t be surprised if the dollar strengthens later on in the afternoon, you may see some traders interpret this as evidence of what the people wanted to see out of the government for some time – accountability!

The EURUSD, for lack of a better word, slumped yesterday. We discussed yesterday the range that the pair has formed of late and we were keen to see the range break before we cast our eye over the pair. The pair broke through the 1.0630 support level and traded down as low 1.0585, in the new day I would expect the pair to challenge that 1.0610 – 1.0630 level again and we will be watching to see if that level becomes resistance now.

PM Trudeau of Canada was the latest leader to visit Washington, and Canada completely avoided Trumps wrath! If anything President Trump launched a charm offensive and seemed to want to create even better relations and trade with Canada, even suggesting that the two needed to make it easier to move across the border. Despite a stronger USD and weaker oil prices, the CAD still managed to strengthen towards 1.3050. There is some near support at 1.3040 and I will watching to see how this pair trades in the London session.

The pairs are a mixed bag this morning with most pairs undecided as to where we go against the USD this morning, but we do cover that in the morning video.

Dean’s Daily FX Update – 14 February 2017

Daily Ranges 14/02/2017



Resistance                                          1.0640 – 1.0650

Support                                                1.0600 – 1.0585


Resistance                                          1.2550 – 1.2560

Support                                                1.2450 – 1.2440


Resistance                                          0.7670 – 0.7710

Support                                                0.7625 – 0.7610


Resistance                                          0.7210 – 0.7230

Support                                                0.7170 – 0.7150


Resistance                                          1.3110 – 1.3130

Support                                                1.3040 – 1.3020


Resistance                                          113.90 – 114.20

Support                                                113.20 – 113.00


Resistance                                          1.0040 – 1.0060

Support                                                1.0000 – 0.9960



Resistance                                          13.3550 – 13.3050

Support                                                13.2110 – 13.1750           


Resistance                                          14.1950 – 14.2180

Support                                                14.0795 – 14.0000


Resistance                                          16.7310 – 16.7660

Support                                                16.6100 – 16.5740



Resistance                                          1.0060 – 1.0080

Support                                                1.0000 – 0.9980


Resistance                                          87.40 – 87.70

Support                                                86.50 – 86.20


Resistance                                          1.0670 – 1.0690

Support                                                1.0630 – 1.0610


Resistance                                          0.8510 – 0.8530

Support                                                0.8460 – 0.8430


Resistance                                          121.00 – 121.20

Support                                                120.30 – 120.00


Resistance                                          142.77 – 142.90

Support                                                141.40 – 141.20


Resistance                                          1.6410 – 1.6430

Support                                                1.6310 – 1.6300


Resistance                                          1.2590 – 1.2610

Support                                                1.2500 – 1.2480



Resistance                                          11760 – 11800

Support                                                11690 – 11660


Resistance                                          7280 – 7320

Support                                                7250 – 7230


Resistance                                          2330 – 2360

Support                                                2280 – 2260


Resistance                                          20400 – 20450

Support                                                20250 – 20200


Resistance                                          46000 – 46200

Support                                                45000 – 44800



Resistance                                          56.80 – 57.00

Support                                                55.50 – 55.10


Resistance                                          1235.00 – 1250.00

Support                                                1215.00 – 1200.20


Resistance                                          17.80 – 17.99

Support                                                17.40 – 17.20

Important Economic Data out today

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