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AUD Up on Lowe's Comments, Trade Fears Emerge

Created 11/27/2019 at 10:10AM


SEK and NOK are the top G10 FX gainers today, up 0.48% and 0.24% vs the dollar while GBP and CAD are the top losers, down -0.22% and -0.11% vs the dollar. Sterling was trading lower after an opinion poll showed a rise for the Labour's vote by 5 percentage points to 32%. That said, the ruling Tories remain 9 points ahead at 43%. In our view, Sterling is likely to dip further if opinion polls narrow further. Elsewhere, the U.S. dollar gave up some gains as optimism over a U.S.-China trade agreement continue to fade.AUD was slightly positive on RBA's Lowe comments: he said 0.25% is effective lower bound for rates. In the Asian equities space, the Nikkei 225 closed up 0.35% at 23,373.32, Hang Seng closed -0.29% at 26913.92 and Kospi ended -0.1% at 2121.35. The European equities were trading weaker with the FTSE down -0.02% at 7395.01, DAX down -0.3% at 13206.2, and CAC down -0.19% at 5913.89. In the rates market, global yields were trading weaker; the US 10-year yield was trading at 1.7414% and the Bund 10-year yield trading at -0.361%. In the energy space, the Brent (front month) is trading up (0.06%) for the day at $63.69.

 

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10-year Yields Chart (6-month)

 
 

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Major Currency Pairs

 

EURUSD Chart (Two-week)

 
 

Strategy: Resistance at 1.1050 for 1.0950
Short-term view: EUR/USD resistance at 1.1050, MACD and RSI are weak. Hence, we see a move to 1.1000, likely 1.0950. Above 1.1050 to open 1.1094.

 

GBPUSD Chart (Two-week)

 
 

Strategy: Resistance at 1.2900, for 1.2802
Short-term view: GBP/USD resistance at 1.2900, MACD and RSI are weak. We see dip to 1.2802, likely 1.2750. Above 1.2900 to open 1.2950.

 

USDJPY Chart (Two-week)

 
 

Strategy: Resistance at 108.96 for 108.01
Short-term view: USD/JPY has resistance around 108.96, MACD and RSI are weak. Hence, we see a move lower to 108.01, likely 107.64. Above 108.96 opens 109.47.

 

AUDUSD Chart (Two-week)

 
 

Strategy: Resistance at 0.6813 for 0.6740
Short-term view: AUD/USD MACD and RSI are weak and resistance at 0.6813. A move towards 0.6740, likely 0.6700. Above 0.6813 to open 0.6862.