Dean had a good week and will be hoping for more of the same. Some big event risk in the form of the FOMC meeting on Wednesday which can move the Forex Markets considerably. Especially if there are any surprises. Hopefully you managed to watch Dean’s levels of interest posted yesterday but if not please click here… https://www.youtube.com/watch?v=oS-yvplj4ZI
Dean's Daily FX Update – 19 September 2016
The Euro (EURUSD) traded in a very tight range against the dollar last week. On Friday, we finally got a break of that range. It traded all the way down 1.1150 which was some previous support and resistance. Everything suggests we should be looking for a long position but in a week where we have big economic decisions pending, it may be wise to hold fire.
The GBPUSD has been trading in quite a big range since Brexit. There is a little support at 1.30 the figure but a stronger level around 1.2850. Dean feels that a long should be on the cards but is not in the market and will sit this one out for now. The stochastics appear to be turning from an oversold position.
In the AUDUSD, Dean had 0.7440 as a major support level. We got a bounce on Friday from this level. The stochastics were heavily oversold, MACD approaching the waterline and the EMA’s are starting to turn. Dean prefers to trade the commodity currencies off the daily chart on a week like this.
The USDCAD, we see a double top forming in this forex pair. 1.3150 has been a major level of resistance. The key indicators that Dean uses all suggest that this is setting up for a short but we may need to be a little patient.
In the Yen (USDJPY) and the Rand (USDZAR) against the USD, everything has gone a little quiet and in the middle of our ranges. Dean preferring to sit these out with the FOMC and the Bank of Japan speaking on Wednesday.
High Risk Investment Warning: Trading foreign exchange and/or contracts for difference on margin carries a high level of risk, and may not be suitable for all investors. The possibility exists that you could sustain a loss in excess of your deposited funds and therefore, you should not speculate with capital that you cannot afford to lose. Before deciding to trade the products offered by BlackStone Futures you should carefully consider your objectives, financial situation, needs and level of experience. You should be aware of all the risks associated with trading on margin. BlackStone Futures provides general advice that does not take into account your objectives, financial situation or needs. The content of this Website must not be construed as personal advice. BlackStone Futures recommends you seek advice from a separate financial advisor. Please take the time to read our Risk Disclosure Notice.
