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Brexit Delayed and Fed Up Next.

Created 10/29/2019 at 09:55AM


AUD and JPY are the top G10 FX gainers today, up 0.16% and 0.02% vs the dollar while GBP and SEK are the top losers, down -0.37% and -0.29% vs the dollar. The EU agreed for a delay on Brexit until 31st January however, the term "Flextension " has been coined, which means the UK could leave earlier if its parliament agrees on the final terms of Brexit.

 

Risky assets and currencies were well bid with the AUD rising on hopes of a China-U.S. trade deal. Expectations of the Federal Reserve rate cut this week is also adding to the positive mood.

 

In the Asian equities space, the Nikkei 225 closed up 0.47% at 22,974.13, Hang Seng closed -0.39% at 26786.76 and Kospi ended -0.04% at 2092.69. The European equities were trading weaker with the FTSE down -0.37% at 7304.51, DAX down -0.14% at 12923.13, and CAC down -0.13% at 5722.93. In the rates market, global yields were trading weaker; the US 10-year yield was trading at 1.8296% and the Bund 10-year yield trading at -0.35%. In the energy space, the Brent (front month) is trading down (-0.75%) for the day at $61.11.

 

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Daily Pivots for Key Currency Pairs

 
 

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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: Support at 1.1050 for 1.1136
Short-term view: EUR/USD support at 1.1050, MACD and RSI are improving. Hence, we see a move to 1.1136. Below 1.1050 to open 1.1000.

 

GBPUSD Chart (Two-week)

 
 

Strategy: Resistance at 1.2900 for 1.2750
Short-term view: GBP/USD resistance at 1.2900, MACD and RSI are weak. We see risk of a dip to 1.2750. Above 1.2900 to open 1.3000.

 

USDJPY Chart (Two-week)

 
 

Strategy: Resistance at 109.15 for 108.43
Short-term view: USD/JPY has resistance around 109.15, MACD and RSI are flat. Hence, we see a move lower to 108.43. Above 109.15 opens 110.00.

 

AUDUSD Chart (Two-week)

 
 

Strategy: Resistance at 0.6869 for 0.6780
Short-term view: AUD/USD MACD and RSI are weak and resistance at 0.6869. A move towards 0.6780 likely. Above 0.6862 to open 0.6920.