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Forex Market Outlook - Nigel in Focus

Created 11/01/2019 at 10:12AM


NOK and SEK are the top G10 FX gainers today, up 0.42% and 0.19% vs the dollar while CHF and CAD are the top losers, down -0.06% and -0.01% vs the dollar. The British Pound failed to breach $1.30 and we saw some profit-taking ahead of Nigel Farage's Brexit Party press conference later today where he is expected to put forward plans for the general election. There are rumors that he will announce a list of fewer candidates to focus on Labour seats; if true this will boost the chances of a conservative party win and hence help Sterling.

 

In the Asian equities space, the Nikkei 225 closed 0.33% lower at 22,850.77, Hang Seng closed 0.72% at 27100.76 and Kospi ended 0.8% at 2100.2. The European equities were trading firm with the FTSE up +0.36% at 7274.38, DAX up +0.39% at 12916.72, and CAC up +0.34% at 5749.18. In the rates market, global yields were trading mixed; the US 10-year yield was trading at 1.6963% and the Bund 10-year yield trading at -0.402%. In the energy space, the Brent (front month) is trading down (-0.6%) for the day at $59.87.

 

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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: Resistance at 1.1167 for 1.1094
Short-term view: EUR/USD resistance at 1.1167, MACD and RSI are toppping out. Hence, we see a move to 1.1094. Above 1.1167 to open 1.1200.

 

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 topping out. We see dip to 1.2900, likely 1.2850. Above 1.3000 to open 1.3060.

 

USDJPY Chart (Two-week)

 
 

Strategy: Resistance at 108.43 for 107.64
Short-term view: USD/JPY has resistance around 108.43, MACD and RSI are weak. Hence, we see a move lower to 107.64, likely 107.20. Above 108.43 opens 108.81.

 

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.