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 – 17 February 2017
A little bit of the same medicine yesterday, stronger than expected US economic data and hawkish overtones out of the Fed. There was a call from the White House that President Trump would be holding a surprise press conference, the market was on edge for just over an hour, but I think it is progress that he chose this route as opposed to his twitter account. There was not much to come from Trump, although he did make reference again to his “phenomenal” tax cuts.
In the Zone
- EURUSD
- AUDUSD
- USDCHF
- USDZAR
Noteworthy News
- Donald Trump mentioned last night that, “he inherited a disaster,” he also mentioned rebuilding the military which could be a cause for concern. This USD could be a yoyo for the next 4 years.
Recap
The EURUSD completed its reversal pattern, and the rally starting stalling at around 1.0680, the pair did close lower than that last night. I would expect that the EUR may launch another assault on the 1.0680 level, however with very little in the way of economic data to move this pair, it may be difficult to break.
Cable is also trading back where it started the week, the GBPUSD is in the middle of its range and so I am hesitant to trade this pair. I am also aware that any form of Brexit headline could move this pair, with PM May insistent that Article 50 will be triggered by the end of March, I have made the conscious decision to sit this pair out until after the dust settles.
The USDJPY continued the fight against the USD, this was a trade that we did identify yesterday. Support down at 113.00 did hold yesterday and this was despite a poor US bond auction, early morning price action does suggest to me that we could see some dollar strength this afternoon and so I would not be surprised if this pair traded towards 114.00.
USDCAD is trading in a positive correlation with oil, which means that it continues to trade in a very tight range – in the middle of nowhere. Like the rest of the commodity pairs, we have seen 4 consecutive flat days which is proving to be frustrating. I can’t see anything drastic happening today and so we may have to be content in calling it a day in these pairs and look to trade it next week.
I traded early this morning in the Asian Session – with a US bank holiday on Monday, I can now sit back and enjoy a 3 day weekend. If you are trading today, be aware of Monday and make sure you place your stops before market close, who knows what could be released on the infamous Trump.
Daily Ranges 17/02/2017
Majors
EURUSD
Resistance 1.0670 – 1.0690
Support 1.0620 – 1.0600
GBPUSD
Resistance 1.2520 – 1.2550
Support 1.2440 – 1.2420
AUDUSD
Resistance 0.7710 – 0.7730
Support 0.7670 – 0.7650
NZDUSD
Resistance 0.7230 – 0.7250
Support 0.7180 – 0.7150
USDCAD
Resistance 1.3100 – 1.3115
Support 1.3030 – 1.3010
USDJPY
Resistance 114.00 – 114.20
Support 113.20 – 112.80
USDCHF
Resistance 1.0040 – 1.0060
Support 0.9960 – 0.9930
Rand
USDZAR
Resistance 13.0350 – 13.0750
Support 12.9050 – 12.8850
EURZAR
Resistance 13.8550 – 13.9080
Support 13.7325 – 13.6900
GBPZAR
Resistance 16.3010 – 16.3460
Support 16.1200 – 16.1440
Minors
AUDCAD
Resistance 1.0060 – 1.0080
Support 1.0020 – 1.0000
AUDJPY
Resistance 87.90 – 88.40
Support 87.20 – 87.00
EURCHF
Resistance 1.0670 – 1.0690
Support 1.0630 – 1.0610
EURGBP
Resistance 0.8540 – 0.8560
Support 0.8490 – 0.8470
EURJPY
Resistance 121.20 – 121.50
Support 120.30 – 120.00
GBPJPY
Resistance 142.40 – 142.70
Support 141.40 – 141.20
GBPCAD
Resistance 1.6340 – 1.6370
Support 1.6250 – 1.6230
GBPCHF
Resistance 1.2530 – 1.2550
Support 1.2450 – 1.2430
Indices
DE30
Resistance 11800 – 11900
Support 11730 – 11710
UK100
Resistance 7280 – 7320
Support 7250 – 7230
US500
Resistance 2350 – 2390
Support 2310 – 2300
US30
Resistance 20600 – 20620
Support 20350 – 20300
SA40
Resistance 46200 – 46400
Support 45300 – 45000
Commodities
BRENT
Resistance 56.80 – 57.00
Support 55.50 – 55.10
XAUUSD
Resistance 1235.00 – 1250.00
Support 1215.00 – 1200.20
XAGUSD
Resistance 17.80 – 17.99
Support 17.40 – 17.20
Important Economic Data out today
Download Our New Weekly Calendar
High Risk Investment Warning: Trading foreign exchange and/or contracts for difference on margin carries a high level of risk, and may not be suitable for all investors. The possibility exists that you could sustain a loss in excess of your deposited funds and therefore, you should not speculate with capital that you cannot afford to lose. Before deciding to trade the products offered by BlackStone Futures you should carefully consider your objectives, financial situation, needs and level of experience. You should be aware of all the risks associated with trading on margin. BlackStone Futures provides general advice that does not take into account your objectives, financial situation or needs. The content of this Website must not be construed as personal advice. BlackStone Futures recommends you seek advice from a separate financial advisor. Please take the time to read our Risk Disclosure Notice.