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In the Zone
- EURUSD
- NZDUSD
- USDJPY
- USDCHF
Noteworthy News
- A new era of “populism” politics seems to be sweeping the world, and yesterday we had a front seat of it at the State of the Nation. There still needs to be a level of decorum, as last night’s incidents were rather embarrassing.
Recap
I mentioned yesterday that it felt like the quiet before the storm, in what at first seemed to be a rather lacklustre start, it was awoken by the storm. President Trump announced yesterday that he is set to announce something “phenomenal” on taxes in the next 2-3 weeks, everything that is USD based immediately popped on the news. For the time being I am uncertain on how to read President Trump, he is definitely attempting to deliver on his campaign promises, but I wonder if he has promised too much. I have no doubt that there are going to be tax cuts and the market will love it, I also wonder how he is going to keep inflation in check.
We defined a range of 1.0700 – 1.0650 in the EURUSD yesterday and this range held – almost to the pip. The sellers are still trying to push, although they seem to be running out of steam, I am waiting for price to reach our 200 hour MA at 1.0640 to see if we get any support before I am ready to get into this pair, I am hoping that this will lead to a push beyond 1.0700.
Again the GBPUSD was up and down, the daily range however was a healthy 100 pips, 1.2495 – 1.2595. The major concern is that this pair did a full lap back to the lower 1.2495 levels again, the sellers and buyers are clearly undecided as to where to take this pair. Today could see cable trade back down to 1.2445 which has been the line in the sand up to now, and this level will once again become a defining one. I would be looking to see if support holds there, and if it does 1.2550 will be back on the cards.
The AUDUSD ended the day at 0.7625, considering we had the President Trump announcement and a RBA press conference, this pair was rather resilient. It did end the day near a technical level however, and we will wait to see which direction we are dragged this morning. Top side resistance is at 0.7660 and the floor is currently sitting at 0.7580.
The USDCAD seems to be languishing at the moment, there is no major surprises on the economic data front and the oil prices are very much in the middle of the range. This pair will also be eagerly waiting any news on trade negotiations currently under way – in particular those around the NAFTA agreement.
Dean's Daily FX Update – 10 February 2017
Daily Ranges 10/02/2017
Majors
EURUSD
Resistance 1.0710 – 1.0730
Support 1.0635 – 1.0620
GBPUSD
Resistance 1.2560 – 1.2580
Support 1.2460 – 1.2440
AUDUSD
Resistance 0.7650 – 0.7670
Support 0.7615 – 0.7600
NZDUSD
Resistance 0.7240 – 0.7260
Support 0.7190 – 0.7160
USDCAD
Resistance 1.3190 – 1.3220
Support 1.3085 – 1.3070
USDJPY
Resistance 113.60 – 113.80
Support 112.20 – 112.00
USDCHF
Resistance 1.0014 – 1.0030
Support 0.9960 – 0.9940
Rand
USDZAR
Resistance 13.4570 – 13.4890
Support 13.3720 – 13.3450
EURZAR
Resistance 14.3630 – 14.4000
Support 14.2610 – 14.2270
GBPZAR
Resistance 16.8520 – 16.8830
Support 16.7000 – 16.6680
Minors
AUDCAD
Resistance 1.0060 – 1.0080
Support 1.0000 – 0.9980
AUDJPY
Resistance 86.90 – 87.10
Support 85.80 – 85.60
EURCHF
Resistance 1.0680 – 1.0700
Support 1.0630 – 1.0610
EURGBP
Resistance 0.8550 – 0.8570
Support 0.8490 – 0.8470
EURJPY
Resistance 121.20 – 121.40
Support 120.00 – 119.80
GBPJPY
Resistance 142.00 – 142.30
Support 140.30 – 140.10
GBPCAD
Resistance 1.6510 – 1.6530
Support 1.6370 – 1.6330
GBPCHF
Resistance 1.2539 – 1.2550
Support 1.2440 – 1.2420
Indices
DE30
Resistance 11670 – 11700
Support 11560 – 11530
UK100
Resistance 7240 – 7260
Support 7180 – 7160
US500
Resistance 2300 – 2320
Support 2280 – 2260
US30
Resistance 20200 – 20250
Support 20070 – 20000
SA40
Resistance 45900 – 46200
Support 45000 – 44800
Commodities
BRENT
Resistance 55.80 – 56.00
Support 54.60 – 54.40
XAUUSD
Resistance 1235.00 – 1250.00
Support 1215.00 – 1200.20
XAGUSD
Resistance 17.60 – 17.80
Support 17.40 – 17.20
Daily Ranges 09/02/2017
Important Economic Data out today
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