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14 March 2017 – Dean Forex Market Commentary

14 Mar
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14 March 2017 – Dean Forex Market Commentary

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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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