It is a new week and a new quarter so hopefully plenty of pips available from these Forex Markets. Today, Dean was not expecting too much and was only looking at trades in the AUDUSD. The one interesting thing we pointed out this morning was Teresa May saying the UK would trigger Article 50 before March 2017. Let’s see how the markets reacted today.
The EURUSD has continued to trade in a very narrow range. 30 pips was a very low range with a high of 1.1241 and a low of 1.1209. Dean is sitting this one out until we get a break. His resistance range for the week are 1.1250 – 1.13 and support at 1.1120 – 1.1120.
Cable is where we have seen the move today. We spoke about Brexit and over the weekend the UK Prime Minister said that she would begin the process of leaving Europe. The market gapped a little lower this morning and we have been selling off all day. Currently at the low for the day around 1.2825. This is at the lower side of the support Dean has had in place and will be looking to see how the market reacts. He did say he would start to look at longs but watch the price action. We don’t want to try and catch a falling piano!
Dean was watching the AUDUSD for shorts today. His resistance was between 0.7670 – 0.77. The high for today has been 0.7675 and some may have got in there. Been drifting a little lower today but not too much activity. Currently trading 0.7660.
In the Kiwi, Dean was probably going to sit out of because the range had narrowed so much. 0.7293 – 0.7320 on the top side. We almost touched there early this morning and currently down at 0.7255. Dean has a target of 0.7215. Still only a 35 point range today and don’t want to get caught the wrong side of a break. There is New Zealand data out tomorrow morning with the Milk Price Auction.
Nothing done in the USDCAD today. A bit of a rally for the dollar but in the middle of the ranges. Dean looking at shorts between 1.32 – 1.3250 and longs between 1.2950 – 1.30. 75 pip range which is well below the average daily range of 110 pips. Oil still a huge factor in this FX pair.
The USDJPY and the USDZAR are in the middle of nowhere for the moment.
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