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As expected yesterday the Asian session is where we were able to see a continuation of the move against the dollar. The concerning thing was that the major pairs were unable to hold onto a lot of those gains, the market started to drift into a slumber ahead of an action packed day on Wednesday, and I suspect that the market may just wonder from now as liquidity dries up.
Dean's Daily FX Update – 14 March 2017
In the Zone
- EURUSD
- NZDUSD
- USDCAD
Recap
The 100 day MA in the EURUSD trades at 1.0660 and the pair is flirting with that level first thing this morning. I suspect that the bias may be for the bears to take control here and trade this pair down to 1.0630 and possibly as low as 1.0580, while the topside resistance trades at 1.0700.
Cable is a tricky one to trade at this point in time, it is setting up to be a pure fundamental trade. It has been a pretty dismal day as the pair drifts lower ahead of a big month in the region, GBPUSD did have a nice bounce yesterday on tweets that PM May will not trigger article 50 today. The sellers did take the opportunity to sell it at 1.2250 and this just illustrated the reason that I won’t trade this pair for now.
The USDJPY did put up a fight yesterday, the US yields continued to march higher, yet the USDJPY ended the day unchanged. The pair did find a floor at 114.50 and the market will be looking for a close above 115.00. It did show some character yesterday, but I suspect that the bias is still in the favour of the bulls.
All FX pairs may trade in a bit of a range leading into the FOMC meeting tomorrow, and for that reason it may be prudent to take the next two days off and only trade on Thursday, after the dust has settled.
Daily Ranges 14/03/2017
Majors
EURUSD
Resistance 1.0685 – 1.0700
Support 1.0630 – 1.0620
GBPUSD
Resistance 1.2200 – 1.2220
Support 1.2150 – 1.2120
AUDUSD
Resistance 0.7580 – 0.7600
Support 0.7530 – 0.7510
NZDUSD
Resistance 0.6930 – 0.6950
Support 0.6880 – 0.6860
USDCAD
Resistance 1.3480 – 1.3500
Support 1.3420 – 1.3400
USDJPY
Resistance 115.10 – 115.20
Support 114.50 – 114.30
USDCHF
Resistance 1.0110 – 1.0120
Support 1.0070 – 1.0050
Rand
USDZAR
Resistance 13.2280 – 13.2500
Support 13.0940 – 13.0690
EURZAR
Resistance 14.0860 – 14.1170
Support 13.9750 – 13.9430
GBPZAR
Resistance 16.1240 – 16.1570
Support 15.9700 – 15.9420
Minors
AUDCAD
Resistance 1.0180 – 1.0200
Support 1.0140 – 1.0130
AUDJPY
Resistance 87.00 – 87.30
Support 86.60 – 86.40
EURCHF
Resistance 1.0780 – 1.0800
Support 1.0690 – 1.0670
EURGBP
Resistance 0.8760 – 0.8780
Support 0.8700 – 0.8680
EURJPY
Resistance 122.70 – 122.90
Support 122.10 – 121.80
GBPJPY
Resistance 140.20 – 140.40
Support 139.60 – 139.40
GBPCAD
Resistance 1.6440 – 1.6460
Support 1.6370 – 1.6350
GBPCHF
Resistance 1.2325 – 1.2345
Support 1.2270 – 1.2250
Indices
DE30
Resistance 12000 – 12030
Support 11930 – 11900
UK100
Resistance 7370 – 7390
Support 7320 – 7310
US500
Resistance 2380 – 2400
Support 2360 – 2340
US30
Resistance 21000 – 21070
Support 20880 – 20850
SA40
Resistance 44700 – 44800
Support 44000 – 43800
Commodities
BRENT
Resistance 52.00 – 52.30
Support 50.80 – 50.60
XAUUSD
Resistance 1210.00 – 1230.00
Support 1190.00 – 1180.00
XAGUSD
Resistance 17.10 – 17.20
Support 16.90 – 16.70
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