Forex Market Awaits Trade Deal

Updated 10:07AM 18/11/2019


GBP and EUR are the top G10 FX gainers today, up 0.47% and 0.14% vs the dollar while JPY and AUD are the top losers, down -0.2% and -0.06% vs the dollar. Sterling advanced further as polls suggest Prime Minister Boris Johnson could win a majority. In our view, the risk to sterling remains to the downside before the election results. Major currencies were moving sideways as traders looked at Sino-U.S. trade war to end. Data is sparse this week and the forex market is likely to move on news. In the Asian equities space, the Nikkei 225 closed up 0.49% at 23,416.76, Hang Seng closed 1.35% at 26681.09 and Kospi ended -0.07% at 2160.69. The European equities were trading mixed with the FTSE 0.01% at 7303.94, DAX -0.19% at 13217.09, and CAC -0.19% at 5927.96. In the rates market, global yields were trading mixed; the US 10-year yield was trading at 1.8446% and the Bund 10-year yield trading at -0.326%. In the energy space, the Brent (front month) is trading down (-0.13%) for the day at $63.22.

 

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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 1.1037 for 1.1094
Short-term view: EUR/USD support at 1.1037, MACD and RSI are positive. Hence, we see a move to 1.1094, likely 1.1136. Below 1.1037 to open 1.1000.

 

GBPUSD Chart (Two-week)

 
 

Strategy: Resistance at 1.3000, for 1.2850
Short-term view: GBP/USD resistance at 1.3000, MACD and RSI are overbought. We see dip to 1.2900, likely 1.2850. Above 1.3000 to open 1.3060.

 

USDJPY Chart (Two-week)

 
 

Strategy: Resistance at 109.01 for 108.01
Short-term view: USD/JPY has resistance around 109.01, MACD and RSI are weak. Hence, we see a move lower to 108.01, likely 107.64. Above 109.01 opens 109.47.

 

AUDUSD Chart (Two-week)

 
 

Strategy: Resistance at 0.6820 for 0.6780
Short-term view: AUD/USD MACD and RSI are topping out and resistance at 0.6820. A move towards 0.6700. Above 0.6820 to open 0.6862.

 
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