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BoC lifts CAD, USD and GBP likely to correct

Updated 10:18AM 06/12/2019


NZD and SEK are the top G10 FX gainers today, up 0.34% and 0.19% vs the dollar while GBP and CHF are the top losers, down -0.22% and -0.1% vs the dollar. The dollar was flat on Friday but was set for its worst weekly performance since mid-October. Sterling slipped after rallying for three days reaching a 30-month high against the euro and a seven-month high versus the dollar. Elsewhere, CAD was strong on Thursday reaching nearly a month high versus the dollar after BoC officials were positive on the economic outlook. In the Asian equities space, the Nikkei 225 closed up 0.23% at 23,354.40, Hang Seng closed 1.07% at 26498.37 and Kospi ended 1.02% at 2081.85. The European equities were trading firm with the FTSE up +0.81% at 7195.39, DAX up +0.26% at 13088.37, and CAC up +0.53% at 5832.39. In the rates market, global yields were trading weaker; the US 10-year yield was trading at 1.7948% and the Bund 10-year yield trading at -0.301%. In the energy space, the Brent (front month) is trading down (-0.08%) for the day at $63.34.

 

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Daily Pivots for Key Currency Pairs

 
 

Economic Calendar

 
 

10-year Yields Chart (6-month)

 
 

Brent Front Month Daily Chart (6-month)

 
 

USD-Index Daily Chart (6-month)

 
 

(Content and Data by Tradermade)

 

Major Currency Pairs

 

EURUSD Chart (Two-week)

 
 

Strategy: Resistance at 1.1136 for 1.1068
Short-term view: EUR/USD resistance at 1.1136, MACD and RSI are topping out. Hence, we see a move to 1.1068. Above 1.1136 to open 1.1167.

 

GBPUSD Chart (Two-week)

 
 

Strategy: Resistance at 1.3165, for 1.3050
Short-term view: GBP/USD resistance at 1.3165, MACD and RSI are topping out. Hence, we expect a dip to 1.3050. Above 1.3165 to open 1.3222.

 

USDJPY Chart (Two-week)

 
 

Strategy: Resistance at 108.81 for 108.01
Short-term view: USD/JPY resistance at 108.81, RSI and MACD are weak. A move lower to 108.01 is likely. Above 108.81 to open 109.47

 

AUDUSD Chart (Two-week)

 
 

Strategy: Resistance at 0.6862 for 0.6780
Short-term view: AUD/USD MACD and RSI are weakening and resistance at 0.6862. A move towards 0.6780 is likely. Above 0.6862 to open 0.6920.