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Dean's Daily FX Update – 04 April 2017
In the Zone
- EURUSD
- AUDUSD
- USDCAD
- USDJPY
Noteworthy News
- The USDZAR took an immediate “knock” on the back of news that credit agency S&P downgraded the country to junk status. With the other main rating agencies set to meet, the ZAR could come under further pressure.
Recap
The first day of the quarter is often a hit or miss day after such a strange move on Friday, some of the pairs were rather quiet whilst others were as robust as always. The big winner on the day was the USDJPY which took advantage of lower interest rates and an indecisive equity market, I am also sure that there would have been some form of flight to safety like the JPY after the terrorist bomb in Russia.
The EURUSD experienced a choppy session, although it only traded in a 30 pip range, the pair did test a major trend line where it found support and this gives me a little hope that we may have some movement in this pair today – it is due a recovery.
The GBPUSD is a tricky one to trade today, it was impressive last week and I was hoping that we would see a continued “short squeeze” but this was not the case. This morning we are seeing price trade between 1.2460 support and 1.2500 resistance, but it will break one of those ranges. There are the known reasons for the GBP to come under pressure, but there are also enough reasons for the pair to bounce – hence waiting for a break is probably the best strategy today.
The USDJPY did a lot of work yesterday on factors already discussed, most traders are looking for a bounce and I think that it is the right option. For the sellers to get any decent traction, the price would need to have a candle close below 110.50 which may prove too difficult. For the bulls, I wouldn’t let my guard down unless price breaks above the 100 hour MA at 111.25.
Daily Ranges 04/04/2017
Majors
EURUSD
Resistance 1.0690 – 1.0710
Support 1.0640 – 1.0600
GBPUSD
Resistance 1.2500 – 1.2520
Support 1.2420 – 1.2400
AUDUSD
Resistance 0.7620 – 0.7640
Support 0.7570 – 0.7550
NZDUSD
Resistance 0.7010 – 0.7020
Support 0.6980 – 0.6960
USDCAD
Resistance 1.3390 – 1.3410
Support 1.3330 – 1.3310
USDJPY
Resistance 111.60 – 111.80
Support 110.50 – 110.30
USDCHF
Resistance 1.0030 – 1.0040
Support 0.9990 – 0.9970
Rand
USDZAR
Resistance 14.0000 – 14.1050
Support 13.5550 – 13.5060
EURZAR
Resistance 14.8555 – 14.9000
Support 14.3250 – 14.2500
GBPZAR
Resistance 17.2250 – 17.2570
Support 16.8230 – 16.7390
Minors
AUDCAD
Resistance 1.0180 – 1.0190
Support 1.0140 – 1.0110
AUDJPY
Resistance 84.60 – 84.80
Support 83.60 – 83.30
EURCHF
Resistance 1.0680 – 1.0700
Support 1.0670 – 1.0630
EURGBP
Resistance 0.8560 – 0.8580
Support 0.8500 – 0.8480
EURJPY
Resistance 118.50 – 118.80
Support 117.70 – 117.40
GBPJPY
Resistance 139.20 – 139.40
Support 137.50 – 137.20
GBPCAD
Resistance 1.6700 – 1.6730
Support 1.6630 – 1.6610
GBPCHF
Resistance 1.2540 – 1.2570
Support 1.2460 – 1.2430
Indices
DE30
Resistance 12300 – 12340
Support 12250 – 12220
UK100
Resistance 7350 – 7370
Support 7290 – 7270
US500
Resistance 2360 – 2480
Support 2330 – 2310
US30
Resistance 20700 – 20750
Support 20600 – 20580
SA40
Resistance 46200 – 46500
Support 45400 – 45200
Commodities
BRENT
Resistance 52.80 – 53.00
Support 51.60 – 51.20
XAUUSD
Resistance 1255.00 – 1260.00
Support 1240.00 – 1220.00
XAGUSD
Resistance 18.20 – 18.40
Support 17.70 – 17.50
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