Did you know: The Forex or FX Market derives its name from Foreign Exchange. It is essentially the exchange of currency (money) between two different countries. The FX market is the largest financial market in the world, and is open 24 hours per day, 5 days per week. Read More – Introduction To The Forex Market
Dean's Daily FX Update – 27 June 2017
In the Zone
- AUDUSD
- NZDUSD
- USDCAD
Noteworthy News
- The Supreme Court in the US has ruled to allow some parts of President Trumps travel ban. This is a minor victory for the White House and if they can by some miracle get the Healthcare bill through, you then get the impression that the “Trump Train” will gather some momentum.
Recap
There was only one data point yesterday that held any significance out of the US and whilst the reading came out weaker than expected, you couldn’t help but think that once again the market over reacted. From a fundamental perspective it would seem as though the market has the bit between its teeth and are looking for any reason to sell the greenback, I find this surprising though as the US economy is the only one robust enough to endure an interest rate hike and it would seem as though the rest of the world are light years behind – Canada might disagree though.
The USDJPY was under pressure for most of the day as Japan were quick to point out that they were no nearer normalization. The lower durable goods reading did lead to the pair dropping to 111.35 before buyers used the 100 hour MA as support and the pair bounced to 111.75 late last night. The 100 day MA trades at 111.80 and the price closed above this level, there is bound to be some profit taking early this morning but I would not be surprised if price action targets 112.00.
The EURUSD followed a similar path to that of the JPY yesterday as the pair traded as high as 1.1220, the pair did find some resistance up there though and gathered some momentum once it broke through 1.1200. The 200 hour MA trades at 1.1170 and I think that is where price may drift this morning, this has defined the bullish and bearish points the last month and so once again it will become pivotal.
I will be keeping an eye on the Brexit negotiations and I must say that they are becoming very cordial. I mentioned a couple weeks back that I have serious doubts as to whether we will see a Brexit, but what we are seeing is a “Brexit” that looks very similar to the status quo. I continue to seek opportunity in the commodity currencies, the NZDUSD looks most likely to me this week and possibly the USDCAD next week – it is proving to be a game of patience though.
Daily Ranges 27/06/2017
Majors
EURUSD
Resistance 1.1200 – 1.1210
Support 1.1160 – 1.1140
GBPUSD
Resistance 1.2740 – 1.2760
Support 1.2680 – 1.2660
AUDUSD
Resistance 0.7600 – 0.7620
Support 0.7560 – 0.7550
NZDUSD
Resistance 0.7300 – 0.7320
Support 0.7260 – 0.7240
USDCAD
Resistance 1.3280 – 1.3290
Support 1.3210 – 1.3200
USDJPY
Resistance 111.80 – 112.00
Support 111.30 – 110.10
USDCHF
Resistance 0.9720 – 0.9740
Support 0.9680 – 0.9660
Rand
USDZAR
Resistance 12.9300 – 12.9500
Support 12.8200 – 12.8000
EURZAR
Resistance 14.4540 – 14.4800
Support 14.3660 – 14.3300
GBPZAR
Resistance 16.4580 – 16.5060
Support 16.3390 – 16.3000
Minors
AUDCAD
Resistance 1.0060 – 1.0080
Support 1.0010 – 0.9990
AUDJPY
Resistance 85.00 – 85.20
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
Download Our New Weekly Calendar
High Risk Investment Warning: Trading foreign exchange and/or contracts for difference on margin carries a high level of risk, and may not be suitable for all investors. The possibility exists that you could sustain a loss in excess of your deposited funds and therefore, you should not speculate with capital that you cannot afford to lose. Before deciding to trade the products offered by BlackStone Futures you should carefully consider your objectives, financial situation, needs and level of experience. You should be aware of all the risks associated with trading on margin. BlackStone Futures provides general advice that does not take into account your objectives, financial situation or needs. The content of this Website must not be construed as personal advice. BlackStone Futures recommends you seek advice from a separate financial advisor. Please take the time to read our Risk Disclosure Notice.
