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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
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