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Dean's Daily FX Update – 30 May 2017
In the Zone
- NZDUSD
- USDCAD
- Gold
- Silver
Noteworthy News
- Not usually a big data number to watch, but the US PCE number could be a show stopper today. The Fed are still on the fence around the June interest rate hike and inflation is the primary reason why. A big miss in this number and there could be a rethink.
Recap
It was a quiet start yesterday as both the UK and the US were not in the market yesterday and it seems as though traders took the opportunity to take a breather. There was no need to try and force positions because with NFP later in the week, there will be plenty of opportunity this week. Oddly enough there were some sharp moves in the Asia session this morning and there were also some decent ranges.
The big loser come in the EURUSD, it was not comments from Draghi yesterday that sent the pair spiralling, but rather headlines overnight stating that Greece may opt of the next bailout payment. This is something that we have been speculating over the last couple of months, the EU is vulnerable at the moment and some of the other countries in the region may take advantage of that, I suspect that this will not be the last time we hear this. The EURUSD slumped by about 60 pips to trade at 1.1120, I do feel that this is where we could find support today, but I suspect that traders may just use any bounce to re-establish short positions.
GBPUSD is trading at the bottom of its recent trading range and a lot of traders may start building bids at current levels. The election debate last night was an interesting one and a headline that caught the eye was around PM May stating that if need be, the UK will walk away with no deal – she is committed to the cause. I still think that this pair will be range bound until next week’s election.
The rest of the pairs seem to be throwing up conflicting views today, depending on which chart you trade on. I hope that the dust settle today in the FX pairs, but I am seeing a little bit more value in the commodities today, in particular the metals.
Daily Ranges 30/05/2017
Majors
EURUSD
Resistance 1.1180 – 1.1200
Support 1.1120 – 1.1110
GBPUSD
Resistance 1.2850 – 1.2870
Support 1.2800 – 1.2770
AUDUSD
Resistance 0.7470 – 0.7490
Support 0.7420 – 0.7400
NZDUSD
Resistance 0.7070 – 0.7090
Support 0.7020 – 0.7000
USDCAD
Resistance 1.3480 – 1.3500
Support 1.3400 – 1.3370
USDJPY
Resistance 111.40 – 111.60
Support 110.90 – 110.70
USDCHF
Resistance 0.9780 – 0.9800
Support 0.9720 – 0.9700
Rand
USDZAR
Resistance 12.9900 – 13.0350
Support 12.8750 – 12.8350
EURZAR
Resistance 14.4950 – 14.5500
Support 14.3440 – 14.3000
GBPZAR
Resistance 16.6580 – 16.6860
Support 16.4560 – 16.4260
Minors
AUDCAD
Resistance 1.0020 – 1.0030
Support 0.9990 – 0.9950
AUDJPY
Resistance 82.80 – 83.00
Support 82.30 – 82.10
EURCHF
Resistance 1.0910 – 1.0920
Support 1.0850 – 1.0830
EURGBP
Resistance 0.8720 – 0.8750
Support 0.8680 – 0.8660
EURJPY
Resistance 124.40 – 124.60
Support 123.35 – 123.15
GBPJPY
Resistance 143.10 – 143.30
Support 142.10 – 142.00
GBPCAD
Resistance 1.7320 – 1.7340
Support 1.7210 – 1.7200
GBPCHF
Resistance 1.2550 – 1.2570
Support 1.2480 – 1.2460
Indices
DE30
Resistance 12680 – 12700
Support 12550 – 12520
UK100
Resistance
Support
US500
Resistance 2418 – 2430
Support 2390 – 2380
US30
Resistance 21100 – 21200
Support 20900 – 20870
SA40
Resistance 48000 – 48200
Support 47600 – 47300
Commodities
BRENT
Resistance 52.40 – 52.60
Support 51.20 – 51.00
XAUUSD
Resistance 1260.00 – 1270.00
Support 1240.00 – 1220.00
XAGUSD
Resistance 17.40 – 17.60
Support 17.00 – 16.80
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