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Dean's Daily FX Update – 22 May 2017
In the Zone
- EURUSD
- GBPUSD
- AUDUSD
- USDCAD
- USDCHF
Noteworthy News
- Interesting to note that BOE Governor Carney was spotted at the White House over the weekend. Carney has been central bank governor in both the UK and Canada. Could this possibly be a sign that he is in line to replace Yellen? Would have massive implications for both the GBP and USD.
Recap
Last week we saw the greenback slowly wilt under the political cloud that overhangs Washington at the moment. In addition to this, headlines from the talking heads started surfacing and the worst kept secret in the market is starting to unfold – US data is weak and the Fed hike that was somewhere near 90% certain in March is slowing becoming less convincing. President Trump is on an overseas trip and it would seem as though his first assignment has come and gone without much of a hitch – I must say though that his speech in Saudi Arabia was poles apart from the stuff he was spewing during his campaign, I just wonder how his ardent supporters are going to feel about that.
The EURUSD was an impressive performer last week, it did struggle ahead of 1.1200 before breaking through and testing 1.1215 on Friday. Since the first round of the French Election last month this pair has strengthened from 1.0600, that’s a big move. The London session will be more telling this morning but I suspect that we may find some initial resistance at these levels.
The CAD strengthened off the back of the continuing climb in oil prices, oil is clearly pricing in some positive news later in the week out of the OPEC meetings. There was major support building at 1.3500 and there is a bank holiday in Canada which could mean some reduced liquidity volatility today. Despite the recent strength in this pair, the data coming out of Canada is still rather weak and once the OPEC meetings are through, this pair is still vulnerable.
The USDJPY was rather active first thing this morning, no doubt on news reports yesterday that North Korea fired another missile over the weekend towards South Korea which was the reason for the JPY strength. This initial move was undone however and the pair recovered, first resistance will trade at 111.60 and that will be the first level to watch this morning.
As discussed in the morning video, most the pairs are starting to trade at pivotal levels. It is even more exciting that these pairs are respecting big levels, it has been a tough time for technical traders, so hopefully, this is the first sign that we getting our opportunity again.
Daily Ranges 22/05/2017
Majors
EURUSD
Resistance 1.1215 – 1.1240
Support 1.1130 – 1.1150
GBPUSD
Resistance 1.3020 – 1.3050
Support 1.2970 – 1.2950
AUDUSD
Resistance 0.7450 – 0.7470
Support 0.7420 – 0.7400
NZDUSD
Resistance 0.6930 – 0.6950
Support 0.6890 – 0.6850
USDCAD
Resistance 1.3580 – 1.3600
Support 1.3500 – 1.3480
USDJPY
Resistance 111.60 – 111.80
Support 110.60 – 110.50
USDCHF
Resistance 0.9780 – 0.9800
Support 0.9730 – 0.9700
Rand
USDZAR
Resistance 13.3900 – 13.4200
Support 13.2300 – 13.2000
EURZAR
Resistance 14.9450 – 14.9700
Support 14.7540 – 14.7200
GBPZAR
Resistance 17.4280 – 17.4560
Support 17.1860 – 17.1560
Minors
AUDCAD
Resistance 1.0110 – 1.0140
Support 1.0060 – 1.0040
AUDJPY
Resistance 83.00 – 83.10
Support 82.40 – 82.20
EURCHF
Resistance 1.0910 – 1.0930
Support 1.0870 – 1.0850
EURGBP
Resistance 0.8610 – 0.8620
Support 0.8550 – 0.8530
EURJPY
Resistance 124.60 – 124.80
Support 123.75 – 123.50
GBPJPY
Resistance 145.00 – 145.20
Support 144.20 – 144.00
GBPCAD
Resistance 1.7660 – 1.7680
Support 1.7550 – 1.7530
GBPCHF
Resistance 1.2710 – 1.2730
Support 1.2620 – 1.2600
Indices
DE30
Resistance 12680 – 12700
Support 12550 – 12520
UK100
Resistance
Support
US500
Resistance 2390 – 2410
Support 2360 – 2340
US30
Resistance 20840 – 20870
Support 20660 – 20640
SA40
Resistance 48200 – 48400
Support 47600 – 47400
Commodities
BRENT
Resistance 53.90 – 54.20
Support 52.50 – 52.20
XAUUSD
Resistance 1260.00 – 1270.00
Support 1230.00 – 1210.00
XAGUSD
Resistance 16.80 – 17.00
Support 16.50 – 16.30
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