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Dean's Daily FX Update – 10 May 2017
In the Zone
- EURUSD
- AUDUSD
- USDCAD
- USDZAR
Noteworthy News
- North Korea announcements that it will continue to test nuclear weapons will surely raise tensions, I hope that we are able to avoid conflict.
Recap
The market seemed rather peaceful for the most part of last night as the dollar made some steady gains against currency pairs across the board, this was shaken up a little bit late last night on two different political factors. Firstly the Trumpet fired FBI Director Comey, the response has been somewhat subdued in Asia but I suspect we will have a clearer idea when Europe open – my gut says that the market will like this news as Trump “drains the swamp.” The second factor was that in an act of defiance, North Korea announced that they would continue their nuclear weapons testing, Trump is meeting with the Russian foreign minister today and no doubt both North Korea and Syria will be on that agenda.
As it was last night, the major pairs to watch this morning will be both gold and the USDJPY. The USDJPY did trade as high as 114.20 yesterday before it found resistance and recovered all the way down to 112.50. The NK announcement sent the pair close to 114.00 again, although there is always the chance that the market decides to flock to the dollar both the JPY and gold will be most affected – so remain cautious when London opens.
The EURUSD has thus far had a bit of a rally early this morning, as it has climbed from 1.0865 back to 1.0900, this will remain a key level today as we could possibly see previous support at 1.0900 change polarity and become resistance. Lower support is at 1.0870 and the sellers will want to see a close below this level to have the confidence to close the gap created 2 weeks ago. We have event risk in the form of an ECB press conference this afternoon, and this could be the catalyst that dictates the direction of the EUR.
We were able to stay out of AUDUSD yesterday after some poor economic data sent the pair pummelling down. With the possibility of gold getting a bid from geopolitical factors, this could also aid the AUD and so I will cautiously be looking for opportunity around 0.7350. A break lower than this level will encourage me to completely walk away from this pair.
Daily Ranges 10/05/2017
Majors
EURUSD
Resistance 1.0910 – 1.0940
Support 1.0870 – 1.0840
GBPUSD
Resistance 1.2970 – 1.2990
Support 1.2900 – 1.2880
AUDUSD
Resistance 0.7380 – 0.7400
Support 0.7320 – 0.7300
NZDUSD
Resistance 0.6920 – 0.6940
Support 0.6880 – 0.6860
USDCAD
Resistance 1.3720 – 1.3750
Support 1.3660 – 1.3640
USDJPY
Resistance 113.90 – 114.20
Support 113.40 – 113.20
USDCHF
Resistance 1.0060 – 1.0080
Support 1.0000 – 0.9970
Rand
USDZAR
Resistance 13.6800 – 13.7000
Support 13.5450 – 13.5070
EURZAR
Resistance 14.9240 – 14.9440
Support 14.7160 – 14.6700
GBPZAR
Resistance 17.7000 – 17.7300
Support 17.5260 – 17.5050
Minors
AUDCAD
Resistance 1.0110 – 1.0120
Support 1.0050 – 1.0010
AUDJPY
Resistance 84.00 – 84.30
Support 83.10 – 83.00
EURCHF
Resistance 1.0960 – 1.0980
Support 1.0900 – 1.0870
EURGBP
Resistance 0.8430 – 0.8460
Support 0.8370 – 0.8350
EURJPY
Resistance 124.30 – 124.50
Support 123.50 – 123.30
GBPJPY
Resistance 147.80 – 148.00
Support 146.60 – 146.20
GBPCAD
Resistance 1.7775 – 1.7790
Support 1.7690 – 1.7670
GBPCHF
Resistance 1.3040 – 1.3060
Support 1.2950 – 1.2930
Indices
DE30
Resistance 12780 – 12800
Support 12650 – 12600
UK100
Resistance
Support
US500
Resistance 2400 – 2420
Support 2390 – 2370
US30
Resistance 21000 – 21100
Support 20900 – 20870
SA40
Resistance 48000 – 48250
Support 47200 – 47000
Commodities
BRENT
Resistance 49.70 – 49.90
Support 48.40 – 48.00
XAUUSD
Resistance 1220.00 – 1230.00
Support 1210.00 – 1200.00
XAGUSD
Resistance 16.10 – 16.30
Support 16.00 – 15.80
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