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20 March 2017 – Dean Forex Market Commentary

20 Mar
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20 March 2017 – Dean Forex Market Commentary

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We mentioned on the weekend that after such a big move in the dollar, there may be an argument for a retracement. I am keeping an eye on the Dollar Index, but using a combination of major moving averages, support levels, Fibonacci and divergence – I am seeing some potential set ups starting to unfold.

Dean’s Daily FX Update – 20 March 2017

In the Zone

  • EURUSD
  • GBPUSD
  • AUDUSD
  • USDJPY
  • USDZAR

Noteworthy News

  • We have a lot of talking heads this week, with no less than 11 Fed members pencilled to speak. I expect that they are going to come out in bullish mood, but I suspect the market is starting to lose interest.

Recap

We mentioned on the weekend that after such a big move in the dollar, there may be an argument for a retracement. I am keeping an eye on the Dollar Index, but using a combination of major moving averages, support levels, Fibonacci and divergence – I am seeing some potential set ups starting to unfold.

With the exception of the NZDUSD and USDCAD, it seems as though all the pairs are in the mix today and so it will just be a matter of holding tight until presented. The majors for the most part have been relatively strong against the dollar this morning although I feel it is important to note that the liquidity has been extraordinary light – perhaps due to a Japanese holiday today.

We did have a G20 meeting over the weekend, the key note at this meeting is that there is a lack of support for free trade in the market at present.  I cover most the majors in the morning video, but I will wait for the London session before I consider any trading.

Daily Ranges 20/03/2017

Majors

EURUSD

Resistance                                          1.0780 – 1.0800

Support                                                1.0720 – 1.0700

GBPUSD

Resistance                                          1.2390 – 1.2410

Support                                                1.2320 – 1.2300

AUDUSD

Resistance                                          0.7720 – 0.7740

Support                                                0.7660 – 0.7640

NZDUSD

Resistance                                          0.7030 – 0.7050

Support                                                0.6990 – 0.6970

USDCAD

Resistance                                          1.3360 – 1.3380

Support                                                1.3290 – 1.3270

USDJPY

Resistance                                          113.20 – 113.40

Support                                                112.60 – 112.30

USDCHF

Resistance                                          0.9995 – 1.0010

Support                                                0.9950 – 0.9930

Rand

USDZAR

Resistance                                          12.8150 – 12.8650

Support                                                12.6780 – 12.6580           

EURZAR

Resistance                                          13.7450 – 13.7750

Support                                                13.6320 – 13.6010

GBPZAR

Resistance                                          15.8070 – 15.8380

Support                                                15.6620 – 15.6390

Minors

AUDCAD

Resistance                                          1.0280 – 1.0300

Support                                                1.0220 – 1.0200

AUDJPY

Resistance                                          87.20 – 87.50

Support                                                86.60 – 86.40

EURCHF

Resistance                                          1.0730 – 1.0760

Support                                                1.0690 – 1.0670

EURGBP

Resistance                                          0.8710 – 0.8720

Support                                                0.8670 – 0.8660

EURJPY

Resistance                                          121.70 – 121.90

Support                                                121.10 – 121.00

GBPJPY

Resistance                                          140.00 – 140.20

Support                                                139.20 – 139.00

GBPCAD

Resistance                                          1.6510 – 1.6530

Support                                                1.6420 – 1.6400

GBPCHF

Resistance                                          1.2340 – 1.2360

Support                                                1.2280 – 1.2260

Indices

DE30

Resistance                                          12150 – 12200

Support                                                12035 – 12020

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

Important Economic Data out today

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