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As was expected, the open this morning has been very low key, with both the US and Canada enjoying a bank holiday – there will be no evening session. If you throw in that there is no economic data of importance today and there were no “brain farts” out of the US over the weekend, there is nothing to move this market.
Dean's Daily FX Update – 20 February 2017
In the Zone
- GBPUSD
- NZDUSD
- USDJPY
Noteworthy News
- In London, the House of Lords will begin a 2 day debate on the Brexit Bill today, will keep an eye on developments as this has the potential to move both the GBP and the EUR this week.
Recap
The pairs for the most part are trading in tight ranges and I don’t see anything that suggests anything different for the rest of the day, any price movement will be trade related in my opinion. I use these type of days as research days and often back test my trading system – nothing wrong with a little bit of chart time.
Both the EURUSD and GBPUSD are trading in similar patterns today, the range for the day has been 30 pips and both are sitting at something resembling unchanged for the day. There is always the chance that some Brexit headlines move these pairs today and it gets over done on very little liquidity, further reason for me to take the day off.
The USDJPY is also little changed today, of all the pairs, I suspect that this one may see the most trade. Even then, it has only traded in a 40 pips range which is subdued for the JPY. It is similar in the commodity currencies today with both the AUDUSD and NZDUSD unchanged, I will be having a look at the NZD again this evening before I go to bed as I suspect that this may be where the early opportunity presents itself this week.
Sometimes the best trade is not to trade, and because of the reduced liquidity expected this evening, this is the stance I will be taking today.
Daily Ranges 20/02/2017
Majors
EURUSD
Resistance 1.0670 – 1.0690
Support 1.0610 – 1.0600
GBPUSD
Resistance 1.2500 – 1.2520
Support 1.2410 – 1.2400
AUDUSD
Resistance 0.7710 – 0.7730
Support 0.7660 – 0.7640
NZDUSD
Resistance 0.7220 – 0.7240
Support 0.7170 – 0.7150
USDCAD
Resistance 1.3100 – 1.3115
Support 1.3030 – 1.3010
USDJPY
Resistance 113.40 – 113.70
Support 112.70 – 112.50
USDCHF
Resistance 1.0030 – 1.0060
Support 0.9970 – 0.9950
Rand
USDZAR
Resistance 13.0850 – 13.1150
Support 12.9850 – 12.9550
EURZAR
Resistance 13.9250 – 13.9580
Support 13.8125 – 13.7800
GBPZAR
Resistance 16.3010 – 16.3460
Support 16.1500 – 16.1240
Minors
AUDCAD
Resistance 1.0060 – 1.0080
Support 1.0020 – 1.0000
AUDJPY
Resistance 87.20 – 87.40
Support 86.50 – 86.20
EURCHF
Resistance 1.0670 – 1.0690
Support 1.0630 – 1.0610
EURGBP
Resistance 0.8540 – 0.8560
Support 0.8520 – 0.8490
EURJPY
Resistance 120.40 – 120.60
Support 119.90 – 119.70
GBPJPY
Resistance 141.20 – 141.50
Support 140.00 – 139.80
GBPCAD
Resistance 1.6340 – 1.6370
Support 1.6240 – 1.6220
GBPCHF
Resistance 1.2480 – 1.2500
Support 1.2420 – 1.2400
Indices
DE30
Resistance 11780 – 11800
Support 11710 – 11700
UK100
Resistance 7280 – 7320
Support 7250 – 7230
US500
Resistance 2350 – 2390
Support 2310 – 2300
US30
Resistance 20600 – 20620
Support 20500 – 20450
SA40
Resistance 45900 – 46100
Support 45000 – 44700
Commodities
BRENT
Resistance 56.80 – 57.00
Support 55.50 – 55.10
XAUUSD
Resistance 1240.00 – 1250.00
Support 1215.00 – 1200.20
XAGUSD
Resistance 17.90 – 18.09
Support 17.40 – 17.20
Important Economic Data out today
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