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In the Zone
- EURUSD
- GBPUSD
- USDCAD
- USDZAR
Market Insight Commentary – Forex
Today's News Headlines
- With Rubio and Corker supporting the tax reform bill, it would seem as though there are now enough votes to get the bill through the Senate – the dollar could rally further on this vote.
Market Insight Commentary – Indices
Market Recap
Friday was characterized by a late surge in the dollar as votes for the tax reform package point to getting through the Senate, previous critics Marco Rubio and Bob Corker seemed to have received the concession they needed to pass the bill. Not only did the dollar feel the love, but the already over heated equity markets also continued their march higher.
The EURUSD fell back below the 100 hour MA at 1.1779 and fell as low as 1.1750. The most obvious support level is at 1.1715 and I would not be surprised to see a test of these levels today, I think that this may form a 1.1779 – 1.1715 range may form for the next two or three weeks.
The GBPUSD remains the weakest currency as the cable continues to be hampered by Brexit concerns, for now the buyers are content to build bids at the 1.3300 level which also has confluence with a 50% fib level. The line in the sand will be 1.3290, and a breaker lower will be very bearish for this pair.
The last pair on my radar today is the USDCAD as this pair test 1.2895 late on Friday evening, sellers are definitely building offers at these levels – this also represents a double top. On the lower side, there is there are a cluster of major moving averages at 1.2830 and 1.2815 – I am looking for the pair to trade back up to that 1.2900 level in the London session and I will look to build some offers up there.
Important Economic Data Due Today
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