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Dean's Daily FX Update – 20 June 2017
In the Zone
- AUDUSD
- NZDUSD
- USDCAD
Noteworthy News
- There are rumours circulating that the White House Administration are looking to replace Press Secretary Sean Spicer, this may be a sign that they are acknowledging that President Trump needs someone stronger in that position which would be a good thing for his administration.
Recap
As we enter the market this morning, there is a feeling of Groundhog Day as the market is following a very similar pattern as to what we did yesterday. The dollar started the week on the back foot after Fed Member Kaplan was rather cautious on Friday evening, he had created some doubt as to whether Yellen was serious last week – after all, she was more optimistic and hawkish than she has ever been.
This came after we saw some really weak data out of the US, yesterday we had Fed Member Dudley and he was even more optimistic and hawkish than Yellen. The market was slow to digest his comments but when it did the greenback was able to enjoy some slow but steady buying throughout the day.
The EURUSD managed to erase the gains made on Friday as the pair traded down from 1.1215 to 1.1145 where it closed for the day. I am still a little wary of the Brexit negotiations that are underway and how it could affect this currency. There seems to be a floor that has developed at 1.1130 and I would feel more comfortable trading this pair if it traded below this level.
Similarly, the GBPUSD rose to 1.2800 early yesterday, only to trade lower to around 1.2715 last night. It is important to note that this pair once again failed at 1.2775, there is the press statement from BOE Governor Carney today and despite the hawkish nature of last week I believe that today could disappoint the market and we could see this pair trade lower – considering the possible job losses etc through Brexit, I find it hard to believe that this economy can withstand an interest rate hike just yet.
Earlier in this report I mentioned Groundhog Day, and that is exactly how I would describe the commodity currencies this morning. The USDCAD finished the day relatively flat yesterday despite the oil prices, but we are still trading at the lower extremities. Both the AUDUSD and NZDUSD traded lower throughout the day yesterday and this morning’s bounce represents secondary entries to me.
I continue to seek opportunity in these pairs.
Daily Ranges 20/06/2017
Majors
EURUSD
Resistance 1.1190 – 1.1200
Support 1.1140 – 1.1120
GBPUSD
Resistance 1.2750 – 1.2780
Support 1.2680 – 1.2660
AUDUSD
Resistance 0.7620 – 0.7630
Support 0.7580 – 0.7570
NZDUSD
Resistance 0.7260 – 0.7280
Support 0.7220 – 0.7200
USDCAD
Resistance 1.3250 – 1.3270
Support 1.3190 – 1.3170
USDJPY
Resistance 111.60 – 111.80
Support 111.00 – 110.70
USDCHF
Resistance 0.9750 – 0.9770
Support 0.9700 – 0.9680
Rand
USDZAR
Resistance 13.0000 – 13.0300
Support 12.8300 – 12.8050
EURZAR
Resistance 14.4840 – 14.5200
Support 14.3640 – 14.3400
GBPZAR
Resistance 16.5580 – 16.6060
Support 16.3650 – 16.3200
Minors
AUDCAD
Resistance 1.0090 – 1.0110
Support 1.0020 – 1.0010
AUDJPY
Resistance 85.00 – 85.50
Support 84.10 – 84.00
EURCHF
Resistance 1.0870 – 1.0880
Support 1.0850 – 1.0830
EURGBP
Resistance 0.8800 – 0.8820
Support 0.8720 – 0.8700
EURJPY
Resistance 124.50 – 124.70
Support 124.00 – 123.80
GBPJPY
Resistance 142.46 – 142.60
Support 141.20 – 141.00
GBPCAD
Resistance 1.6880 – 1.6900
Support 1.6760 – 1.6740
GBPCHF
Resistance 1.2430 – 1.2450
Support 1.2350 – 1.2330
Indices
DE30
Resistance 12930 – 12960
Support 12800 – 12780
UK100
Resistance 7530 – 7550
Support 7430 – 7410
US500
Resistance 2440 – 2460
Support 2420 – 2400
US30
Resistance 21500 – 21520
Support 21420 – 21400
SA40
Resistance
Support
Commodities
BRENT
Resistance 47.10 – 47.30
Support 46.70 – 46.50
XAUUSD
Resistance 1250 – 1260
Support 1240 – 1230
XAGUSD
Resistance 16.70 – 16.80
Support 16.50 – 16.30
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