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Dollar Well Bid Despite Improved Sentiments

Updated 01:01PM 05/02/2020


AUD and GBP are the top G10 FX gainers today, up 0.5% and 0.25% vs the dollar while CHF and EUR are the top losers, down -0.33% and -0.17% vs the dollar. Coronavirus outbreak continues to get market attention as investors fear the impact on China's economy. This is helping safe-haven currencies. Sterling was up on optimism over hopes that Britain will reach a deal with the EU by the year-end. According to a Reuters poll, Cable is expected to be up 4% according to strategist if a deal is reached this year. In the Asian equities space, the Nikkei 225 closed up 1.02% higher at 23,319.56, Hang Seng closed 0.42% at 26786.74 and Kospi ended 0.36% at 2165.63. The European equities were trading firm with the FTSE up +0.79% at 7498.66, DAX up +1.31% at 13455.6, and CAC up +1.05% at 5997.15. In the rates market, global yields were trading firmer; the US 10-year yield was trading at 1.6318% and the Bund 10-year yield trading at -0.372%. In the energy space, the Brent (front month) is trading up (2.8%) for the day at $55.47.

 

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Economic Calendar

 
 

10-year Yields Daily Chart (6-month)

 
 

Daily FX Pivots

 
 

Brent Front Month Daily Chart (6-month)

 
 

(Content and Data by Tradermade)

 

Forex Chart and Technical Analysis

 

EURUSD Chart (Two-week)

 
 

Strategy: Resistance comes in at 1.1047 for 1.0998
Short-term view: EUR/USD resistance comes in at 1.1047, MACD crossover suggests a bearish bias and RSI is below 50. Hence we see a downside to 1.0998. Above 1.1047 to open 1.1061

 

GBPUSD Chart (Two-week)

 
 

Strategy: Resistance at 1.3071, for 1.2965
Short-term view: GBP/USD resistance comes in at 1.3071, MACD below zero and RSI is below 50. Hence we see a downside to 1.2965. Above 1.3071 to open 1.3112.

 

USDJPY Chart (Two-week)

 
 

Strategy: Support at 109.21 for 110.21
Short-term view: USD/JPY support comes in at 109.21, MACD crossover suggests a bullish bias and RSI is above 50. Hence we see an upside to 110.21. Below 109.21 to open 108.87.

 

AUDUSD Chart (Two-week)

 
 

Strategy: Support at 0.6721 for 0.6788
Short-term view: AUD/USD support comes in at 0.6721, MACD crossover suggests a bullish bias and RSI is above 50. Hence we see an upside to 0.6788. Below 0.6721 to open 0.6696.