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Dollar, Risk Appetite Down, Here's Why

Created 10/31/2019 at 10:12AM


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JPY and CHF are the top G10 FX gainers today, up 0.52% and 0.29% vs the dollar while NOK and AUD are the top losers, down -0.24% and -0.17% vs the dollar. The British pound rose set for its biggest monthly gain in over a decade as falling risks of "no-deal" Brexit fueled demand for Sterling. The Conservatives party holds an 8-point lead over the opposition Labour party according to a daily mail survey. The U.S. Dollar fell after Federal Reserve hinted at more policy easing after cutting rates on Wednesday. Risky assets also took a hit after sentiments deteriorated over the Sino-U.S. trade deal. Bloomberg reported that Chinese officials have doubts about whether a long-term trade deal with the U.S is possible.In the Asian equities space, the Nikkei 225 closed up 0.37% at 22,927.04, Hang Seng closed 0.9% at 26906.72 and Kospi ended 0.15% at 2083.48. The European equities were trading weaker with the FTSE down -0.81% at 7271.2, DAX down -0.55% at 12839.11, and CAC down -0.54% at 5735.01. In the rates market, global yields were trading weaker; the US 10-year yield was trading at 1.7382% and the Bund 10-year yield trading at -0.41%. In the energy space, the Brent (front month) is trading down (-0.1%) for the day at $60.55.

 

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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: Support at 1.1136 for 1.1234
Short-term view: EUR/USD support at 1.1136, MACD and RSI are improving. Hence, we see a move to 1.1234. Below 1.1136 to open 1.1094.

 

GBPUSD Chart (Two-week)

 
 

Strategy: Support at 1.2900 for 1.3000
Short-term view: GBP/USD support at 1.2900, MACD and RSI are improving. We see bounce to 1.3000. Below 1.2900 to open 1.2802.

 

USDJPY Chart (Two-week)

 
 

Strategy: Resistance at 108.81 for 108.01
Short-term view: USD/JPY has resistance around 108.81, MACD and RSI are weak. Hence, we see a move lower to 108.01, likely 107.64. Above 108.81 opens 109.15.

 

AUDUSD Chart (Two-week)

 
 

Strategy: Resistance at 0.6920 for 0.6820
Short-term view: AUD/USD MACD and RSI are topping out and resistance at 0.6920. A move towards 0.6820 likely. Above 0.6920 to open 0.6983.