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Dean's Daily FX Update – 15 May 2017
In the Zone
- EURUSD
- GBPUSD
- NZDUSD
- USDCAD
Noteworthy News
- Despite some pretty sterns warnings from the developed world, North Korea carried out another ballistic test this weekend, it is almost as though they are “daring” the US to do something. I will keep an eye on Trumps twitter account this morning.
Recap
Early this morning we have seen some headlines come out of both Saudi Arabia and Russia that there is some encouraging headway between both OPEC and non-OPEC countries with regards to a cut in production of the oil extension until March 2018. This has been the catalyst for the both oil and the CAD to strengthen somewhat in early morning trading.
The OPEC meeting only reconvenes on May 25th and so there won’t be ratification until then, there will be market moving headlines until next week and so we could see volatility in this space. The key will be getting Libya to slow production, but it is encouraging that both Russia (the world’s biggest oil producer) and Saudi Arabia (the world’s biggest exporter) are on the same page – for this reason I would be surprised if some form of deal is not agreed next week.
The USDCAD benefitted from this move as the pair traded as low as 1.3660, the low last week was 1.3640 and that would be the logical first support level. I suspect that sellers will start placing offers at 1.3700 as this is where last week’s range finally broke, and so perhaps we will see a lower cap in place.
The rest of the pairs have been really subdued this morning as the market waits for some direction. There were no major gaps to speak of, most the pairs have strengthened somewhat against the dollar.
With little news and not much on the economic calendar today, I will be sticking to the strategy that I outlined in the weekend report.
Daily Ranges 15/05/2017
Majors
EURUSD
Resistance 1.0930 – 1.0950
Support 1.0880 – 1.0860
GBPUSD
Resistance 1.2920 – 1.2930
Support 1.2860 – 1.2840
AUDUSD
Resistance 0.7418 – 0.7430
Support 0.7360 – 0.7340
NZDUSD
Resistance 0.6880 – 0.6900
Support 0.6830 – 0.6810
USDCAD
Resistance 1.3710 – 1.3730
Support 1.3660 – 1.3640
USDJPY
Resistance 113.80 – 114.20
Support 113.20 – 113.00
USDCHF
Resistance 1.0090 – 1.0100
Support 1.0050 – 1.0030
Rand
USDZAR
Resistance 13.4380 – 13.4800
Support 13.3150 – 13.2970
EURZAR
Resistance 14.6640 – 14.6940
Support 14.5040 – 14.4500
GBPZAR
Resistance 17.2700 – 17.3200
Support 17.1450 – 17.1050
Minors
AUDCAD
Resistance 1.0107 – 1.0120
Support 1.0080 – 1.0060
AUDJPY
Resistance 84.00 – 84.30
Support 83.50 – 83.30
EURCHF
Resistance 1.0960 – 1.0980
Support 1.0930 – 1.0920
EURGBP
Resistance 0.8470 – 0.8490
Support 0.8400 – 0.8380
EURJPY
Resistance 124.10 – 124.30
Support 123.50 – 123.30
GBPJPY
Resistance 146.70 – 146.90
Support 146.00 – 145.80
GBPCAD
Resistance 1.7710 – 1.7730
Support 1.7610 – 1.7580
GBPCHF
Resistance 1.3000 – 1.3020
Support 1.2910 – 1.2900
Indices
DE30
Resistance 12830 – 12850
Support 12720 – 12700
UK100
Resistance
Support
US500
Resistance 2400 – 2420
Support 2380 – 2370
US30
Resistance 20920 – 20950
Support 20830 – 20800
SA40
Resistance 48000 – 48100
Support 47400 – 47500
Commodities
BRENT
Resistance 51.90 – 52.30
Support 50.40 – 50.20
XAUUSD
Resistance 1230.00 – 1240.00
Support 1210.00 – 1200.00
XAGUSD
Resistance 16.50 – 16.70
Support 16.20 – 16.10
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