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Boris's Final Offer and Forex Outlook

Updated 09:30AM 03/10/2019

NZD and AUD are the top G10 FX gainers today, up 0.38% and 0.25% vs the dollar while SEK and CHF are the top losers, down -0.2% and -0.19% vs the dollar. The dollar fell to a one-week low versus the euro and the yen as fears of a U.S. economic slowdown reappeared amid concern over global trade wars. UK PM Boris Johnson made his final Brexit offer to the EU, suggesting a possible compromise to get a last-minute deal. Despite this, there are still major issues with the backstops and a Brexit deal still doesn't look any closer, except choppy moves in sterling. 

In the Asian equities space, the Nikkei 225 closed down -2.01% at 21,341.74, Hang Seng closed 0.26% at 26110.31 and Kospi ended 0.0% at nan. The European equities were trading mixed with the FTSE -0.6% at 7080.11, DAX 0.0% at nan, and CAC 0.64% at 5457.48. In the rates market, global yields were trading weaker; the US 10-year yield was trading at 1.5803% and the Bund 10-year yield trading at -0.577%. In the energy space, the Brent (front month) is trading down (-0.16%) for the day at $57.6.


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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)


Trade Weighted Basket Hourly (two-week)


(Content and Data by Tradermade)


Major Currency Pairs


EURUSD Chart (Two-week)


Strategy: Resistance at 1.1025 for 1.0900
Short-term view: EUR/USD resistance at 1.1025, MACD and RSI is giving mixed signal. Hence, we see a move to 1.0900. Above 1.1025 to open 1.1085.


GBPUSD Chart (Two-week)


Strategy: Resistance at 1.2339 for 1.2219
Short-term view: GBP/USD resistance at 1.2339, MACD and RSI are weak. We see risk of a dip to 1.2219. Above 1.2339 to open 1.2433.


USDJPY Chart (Two-week)


Strategy: Resistance at 107.48 for 106.40
Short-term view: USD/JPY has resistance around 107.48, MACD and RSI are weak. Hence, we see a move lower to 106.40. Above 107.48 opens 108.01.


AUDUSD Chart (Two-week)


Strategy: Resistance at 0.6781 for 0.6700
Short-term view: AUD/USD MACD and RSI are improving but lack upside momentum, resistance at 0.6780 for a move lower towards 0.6700, likely 0.6650. Above 0.6781 we look for 0.6830.