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Dean's Daily FX Update – 26 June 2017
In the Zone
- AUDUSD
- NZDUSD
- USDCAD
Noteworthy News
- We could see the revised Healthcare bill go through to the Senate this week, consensus is that the bill in the current format will probably not pass. If the bill does replace Obamacare this week though, expect the dollar to catch a large bid.
Recap
There is nothing much to report this morning as the market has been really subdued, it was a holiday in Singapore so flow was light. There was also very little economic data today and other than the talking heads this week, there is very little data throughout the week.
The market had been waiting for news out of the BOJ this morning through the publishing of its “Summary of Opinions,” and it was made clear this morning that the Japanese will not be tapering any time soon and that accommodative policy is still very much the norm. This naturally weakened the JPY by 10-15 pips but even that was nothing to write home about.
The AUDUSD seemed to be the early week mover as the pair moved closer to 0.7580, there has been some resistance up there thus far this morning. I suspect that this will prove to be a pivotal level in the AUD this week, Gold had also strengthened by over a dollar this morning but has since given this back – I will be watching what form of correlation there may be between these two instruments this week.
The rest of the pairs are relatively unchanged on the day thus far and the market is waiting for some direction this week. With all the talking heads out of the way and a relatively light calendar, I suspect that the market will wait on some comments out of Fed Chair Yellen tomorrow evening.
Daily Ranges 26/06/2017
Majors
EURUSD
Resistance 1.1190 – 1.1210
Support 1.1140 – 1.1130
GBPUSD
Resistance 1.2740 – 1.2760
Support 1.2680 – 1.2660
AUDUSD
Resistance 0.7580 – 0.7600
Support 0.7540 – 0.7520
NZDUSD
Resistance 0.7280 – 0.7300
Support 0.7240 – 0.7230
USDCAD
Resistance 1.3280 – 1.3290
Support 1.3210 – 1.3200
USDJPY
Resistance 111.60 – 111.80
Support 111.00 – 110.70
USDCHF
Resistance 0.9720 – 0.9740
Support 0.9680 – 0.9660
Rand
USDZAR
Resistance 12.9800 – 13.0500
Support 12.8600 – 12.8400
EURZAR
Resistance 14.5040 – 14.5300
Support 14.4040 – 14.3700
GBPZAR
Resistance 16.5080 – 16.5360
Support 16.3850 – 16.3500
Minors
AUDCAD
Resistance 1.0040 – 1.0060
Support 1.0000 – 0.9980
AUDJPY
Resistance 84.80 – 85.00
Support 84.10 – 84.00
EURCHF
Resistance 1.0870 – 1.0880
Support 1.0830 – 1.0820
EURGBP
Resistance 0.8800 – 0.8810
Support 0.8760 – 0.8740
EURJPY
Resistance 125.00 – 125.30
Support 124.20 – 124.00
GBPJPY
Resistance 142.20 – 142.40
Support 141.10 – 141.00
GBPCAD
Resistance 1.6900 – 1.6920
Support 1.6800 – 1.6780
GBPCHF
Resistance 1.2360 – 1.2380
Support 1.2310 – 1.2280
Indices
DE30
Resistance 12800 – 12830
Support 12720 – 12700
UK100
Resistance 7470 – 7480
Support 7390 – 7370
US500
Resistance 2440 – 2460
Support 2420 – 2400
US30
Resistance 21440 – 21480
Support 21370 – 21350
SA40
Resistance 45700 – 45900
Support 45000 – 44800
Commodities
BRENT
Resistance 46.30 – 46.50
Support 44.80 – 44.50
XAUUSD
Resistance 1260 – 1255
Support 1250 – 1240
XAGUSD
Resistance 16.80 – 16.90
Support 16.40 – 16.30
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