I am still a little cautious ahead of the London session this morning, most pairs were higher against the dollar in the Asian Session – although Asia is impacted by holidays. Most of the forex pairs are giving those gains back first thing this morning, the immigration ban enforced by President Trump has not been well received and so I suspect the dollar may come under pressure later this morning before it recovers any.
Dean's Daily FX Update – 30 January 2017
In the Zone
- GBPUSD
- AUDUSD
- NZDUSD
- USDJPY
Noteworthy News
- Police are calling the attack on a mosque in Quebec, Canada a terrorist attack. There has not been much fall out in the CAD thus far.
Recap
There is a lot of event risk this week in the form of Central Bank meetings which will sway the market, we have already seen major gap opens on the equity indices and so I suspect that those may close before the market decides on a direction. As I discussed over the weekend – we are seeing a lot of fall out from executive orders signed by President Trump – although I am surprised since the policies introduced thus far is nothing unexpected.
The EURUSD is still hovering around the 1.0750 levels, close to major resistance at 1.0775. With ECB President Draghi scheduling two speeches this week, I suspect that the sellers will lean against these levels. With that much event risk in one week, there is the possibility that this pair goes much lower.
With oil prices battling to settle and trading in the middle of a defined range it may be tough for the USDCAD to gain any traction today. The euphoria of the Keystone Project is starting to fizzle out and thus the strength of the CAD is also starting to falter. After a dovish tone last time round, BOC Governor Poloz speaks against this week and another dovish speech could leave the CAD significantly weaker.
I cover the rest of the pairs in the morning video, it is interesting to note that from a technical view, the USD is poised to make a recovery. We may have to be patient though.
Daily Ranges 30/01/2017
Majors
EURUSD
Resistance 1.0730 – 1.0750
Support 1.0670 – 1.0650
GBPUSD
Resistance 1.2610 – 1.2630
Support 1.2500 – 1.2480
AUDUSD
Resistance 0.7550 – 0.7570
Support 0.7525 – 0.7510
NZDUSD
Resistance 0.7270 – 0.7280
Support 0.7230 – 0.7200
USDCAD
Resistance 1.3142 – 1.3160
Support 1.3070 – 1.3050
USDJPY
Resistance 115.10 – 115.30
Support 114.20 – 114.00
USDCHF
Resistance 1.0010 – 1.0020
Support 0.9960 – 0.9945
Rand
USDZAR
Resistance 13.4939 – 13.5250
Support 13.3520 – 13.3130
EURZAR
Resistance 14.4130 – 14.4520
Support 14.2820 – 14.2500
GBPZAR
Resistance 16.9270 – 16.9500
Support 16.7860 – 16.7500
Minors
AUDCAD
Resistance 0.9910 – 0.9920
Support 0.9850 – 0.9830
AUDJPY
Resistance 86.90 – 87.00
Support 86.20 – 86.00
EURCHF
Resistance 1.0700 – 1.0710
Support 1.0670 – 1.0650
EURGBP
Resistance 0.8530 – 0.8560
Support 0.8470 – 0.8440
EURJPY
Resistance 123.06 – 123.20
Support 122.40 – 122.20
GBPJPY
Resistance 144.70 – 144.90
Support 143.70 – 143.50
GBPCAD
Resistance 1.6540 – 1.6560
Support 1.6430 – 1.6410
GBPCHF
Resistance 1.2550 – 1.2570
Support 1.2480 – 1.2460
Indices
DE30
Resistance 11870 – 11890
Support 11760 – 11730
UK100
Resistance 7180 – 7210
Support 7140 – 7100
US500
Resistance 2300 – 2320
Support 2280 – 2260
US30
Resistance 20130 – 20160
Support 19900 – 20000
SA40
Resistance 47000 – 47300
Support 46300 – 46100
Commodities
BRENT
Resistance 56.20 – 56.40
Support 55.20 – 55.00
XAUUSD
Resistance 1195.09 – 1200.00
Support 1180.00 – 1170.20
XAGUSD
Resistance 16.90 – 17.10
Support 16.60 – 16.40
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