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17 March 2017 – Dean Forex Market Commentary

17 Mar
Forex Market Preview

17 March 2017 – Dean Forex Market Commentary

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The day after a FOMC day is always a frustrating day, it become even more frustrating yesterday as the market tried to digest the message from the Fed. I think the market is fast losing patience with Yellen, she spent the last 2 weeks telling anyone that would listen how strong the US economy was, only to come across as dovish at the FOMC press conference. This confuses the market, and we could see this in yesterday’s price action.

Dean’s Daily FX Update – 17 March 2017

In the Zone

  • All major pairs

Noteworthy News

  • We have a slew of Fed speeches next week, will the members reinforce the dovish tone of Yellen, or will they confuse the market even more with fighting talk?

Recap

The EURUSD had another strong performance yesterday, after the madness that ensued in 2016 the market was relieved by the result in the Dutch election. In addition to this, there was a headline on the wires by the ECB member Nowotny that we see the deposit rate could rise sent, this sent the EUR on another leg up. The pair closed the day at 1.0760, a close above 1.0775 will target the 2017 high at 1.0830. I am of the opinion that the EURUSD could retrace a little today after such a strong week, the key level for the bulls is 1.0715, as long as price remains above this area – the buyers will keep the initiative.

The BOE were surprisingly more hawkish than what we were expecting, with members indicating that they would be open to reducing stimulus. This news was the catalyst for the GBPUSD to have another bumper day, it is currently trading at 1.2360 but momentum is a little thin at the moment as it attempts an assault of 1.2400 resistance. The line in the sand in cable comes in at 1.2330, the buyers will want to stay above this level to hold the upper hand.

The USDJPY had multiple attempts at 113.00 yesterday and each time the price bounced. This morning we have confluence in the form of a 100 day MA trading at 113.05, although price has found support at these levels, the sellers will be encouraged to see that the top side was contained. Resistance comes in at 113.50, which is the 50% Fib on the 4H chart. I would like to see the price break this defined range before trading this pair.

There is a lot to digest in the morning video – for our Irish clients, have a good St Patricks day!

Daily Ranges 17/03/2017

Majors

EURUSD

Resistance                                          1.0760 – 1.0780

Support                                                1.0690 – 1.0670

GBPUSD

Resistance                                          1.2360 – 1.2380

Support                                                1.2260 – 1.2240

AUDUSD

Resistance                                          0.7700 – 0.7720

Support                                                0.7640 – 0.7620

NZDUSD

Resistance                                          0.7008 – 0.7020

Support                                                0.6950 – 0.6930

USDCAD

Resistance                                          1.3360 – 1.3380

Support                                                1.3280 – 1.3260

USDJPY

Resistance                                          113.80 – 113.90

Support                                                113.10 – 113.00

USDCHF

Resistance                                          1.0007 – 1.0020

Support                                                0.9958 – 0.9930

Rand

USDZAR

Resistance                                          12.9320 – 12.9650

Support                                                12.7280 – 12.6880           

EURZAR

Resistance                                          13.8130 – 13.8550

Support                                                13.6720 – 13.6310

GBPZAR

Resistance                                          15.8370 – 15.8670

Support                                                15.6780 – 15.6320

Minors

AUDCAD

Resistance                                          1.0240 – 1.0260

Support                                                1.0200 – 1.0180

AUDJPY

Resistance                                          87.20 – 87.50

Support                                                86.60 – 86.40

EURCHF

Resistance                                          1.0730 – 1.0760

Support                                                1.0690 – 1.0670

EURGBP

Resistance                                          0.8730 – 0.8760

Support                                                0.8690 – 0.8680

EURJPY

Resistance                                          122.20 – 122.50

Support                                                121.50 – 121.10

GBPJPY

Resistance                                          140.00 – 140.20

Support                                                139.20 – 139.00

GBPCAD

Resistance                                          1.6450 – 1.6480

Support                                                1.6370 – 1.6340

GBPCHF

Resistance                                          1.2320 – 1.2350

Support                                                1.2250 – 1.2230

Indices

DE30

Resistance                                          12150 – 12200

Support                                                12035 – 11200

UK100

Resistance                                          7420 – 7450

Support                                                7370 – 7350

US500

Resistance                                          2380 – 2400

Support                                                2360 – 2340

US30

Resistance                                          20980 – 21020

Support                                                20860 – 20830

SA40

Resistance                                          44800 – 45000

Support                                                44100 – 43800

Commodities

BRENT

Resistance                                          52.60 – 52.90

Support                                                51.20 – 51.00

XAUUSD

Resistance                                          1230.00 – 1240.00

Support                                                1200.00 – 1180.00

XAGUSD

Resistance                                          17.30 – 17.50

Support                                                16.90 – 16.70

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