There is not a huge amount on Dean’s radar this morning. More noise out of Europe about a HARD BREXIT is putting pressure on GBPUSD. The FX market is relatively quiet and Dean is only focused on two pairs this morning.
Dean's Daily FX Update – 17 October 2016
In the Zone
- USDJPY
- USDCHF
Noteworthy News
- Chancellor Merkel and President Hollande both took a strong stance on Brexit yesterday which should heap further pressure on cable come Monday morning. I have said it before, my belief is that the EU are playing a dangerous game.
Recap
A relatively slow morning thus far with the only real action this morning coming in cable. The weekend headlines were the catalyst for the GBPUSD to lose close on 50 pips in early morning trade, the Brexit jawboning is becoming a little rhetoric now but even the most obvious of nonsense is moving the pair, sellers are clearly willing to take anything as a reason to short.
The AUDUSD was also a little under pressure this morning, there were some concerns in China where the Chinese detained a number of Australian workers last night, something to keep an eye on but I don’t think it will have a material effect.
The USDJPY still playing cat and mouse around the 104.47 level which is proving a very stubborn level to break, the more failed attempts we have at this level – the stronger the resistance becomes.
Daily FX Ranges
EURUSD
Resistance 1.1029 – 1.1050
Support 1.0980 – 1.0950
GBPUSD
Resistance 1.2234 – 1.2250
Support 1.2148 – 1.2111
AUDUSD
Resistance 0.7615 – 0.7650
Support 0.7570 – 0.7560
NZDUSD
Resistance 0.7111 – 0.7120
Support 0.7070 – 0.7060
USDCAD
Resistance 1.3205 – 1.3225
Support 1.3140 – 1.3120
USDJPY
Resistance 104.35 – 104.47
Support 103.76 – 103.40
USDCHF
Resistance 0.9900 – 0.9912
Support 0.9867 – 0.9855
USDZAR
Resistance 14.3660 – 14.4100
Support 14.1460 – 14.1200
Important Economic Data out today
- 19:35 EUR ECB President Draghi Speaks
- 23:10 AUD RBA Governor Lowe Speaks
- 23:45 NZD CPI
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