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Euro Dips on Growth Worries, U.S-China Trade Talks Still in Focus

Updated 09:05AM 23/09/2019

JPY and NZD are the top G10 FX gainers today, up 0.17% and 0.13% vs the dollar while SEK and NOK are the top losers, down -0.68% and -0.48% vs the dollar.


Euro fell after German PMI (flash) for September came in weaker than expected, raising further doubts over the robustness of the Euro-area economy.


Elsewhere, there were fresh doubts over U.S.-China trade talks as Donald Trump said that purchases of farm produce may not be enough to stop U.S. tariffs. Overall, the market sentiments are positive but that said, there is still nervousness over global outlook.


In the Asian equities space, the Nikkei 225 closed up 0.16% at 22,079.09, Hang Seng closed -0.81% at 26222.4 and Kospi ended 0.01% at 2091.7. The European equities were trading weaker with the FTSE down -0.75% at 7289.57, DAX down -1.56% at 12273.28, and CAC down -1.15% at 5625.1. In the rates market, global yields were trading weaker; the US 10-year yield was trading at 1.6869% and the Bund 10-year yield trading at -0.584%. In the energy space, the Brent (front month) is trading up (0.09%) for the day at $64.34.


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(Content and Data by Tradermade)


Major Currency Pairs


EURUSD Chart (Two-week)


Strategy: Resistance at 1.1025 for 1.0903
Short-term view: EUR/USD resistance at 1.1025, MACD and RSI are weakening. Hence, we see a move to 1.0903, likely 1.0840. Above 1.1025 to open 1.1085


GBPUSD Chart (Two-week)


Strategy: Resistance at 1.2505 for 1.2381
Short-term view: GBP/USD resistance at 1.2505, MACD and RSI are weakening. We see risk of a dip to 1.2381, likely 1.2325. Above 1.2505 to open 1.2584.


USDJPY Chart (Two-week)


Strategy: Resistance at 108.01 for 107.05
Short-term view: USD/JPY has resistance around 108.01, MACD and RSI are weakening Hence, we see a move lower to 107.05, likely 106.40. Above 108.01 opens 108.43


AUDUSD Chart (Two-week)


Strategy: Resistance at 0.6800 for 0.6725
Short-term view: AUD/USD MACD and RSI are weakening, resistance at 0.6800 for a move lower towards 0.6725, likely 0.6650. Above 0.6800 we look for 0.6830.