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Forex Outlook, Trade Talks and BoE

Created 11/06/2019 at 10:02AM


SEK and JPY are the top G10 FX gainers today, up 0.29% and 0.14% vs the dollar while NOK and CAD are the top losers, down -0.03% and -0.03% vs the dollar. The dollar was trading slightly weak as there were possible issues in Sino-U.S. trade talks with Beijing wanting 15% tariffs imposed on $125 billion of imports removed. Given President Donald Trump's disposition, it is highly uncertain whether he would agree to such a demand. This has raised the possibility of adding new roadblocks to the negotiations.Sterling was neutral as the upcoming general election is still some way off and there is unlikely to be any clarity on Brexit before it. BoE is up next on Thursday but there is unlikely to be any move on interest rates until clarity emerges on the political front.In the Asian equities space, the Nikkei 225 closed up 0.22% at 23,303.82, Hang Seng closed 0.02% at 27688.64 and Kospi ended 0.07% at 2144.15. The European equities were trading mixed with the FTSE -0.15% at 7376.63, DAX -0.0% at 13148.4, and CAC 0.03% at 5848.69. In the rates market, global yields were trading mixed; the US 10-year yield was trading at 1.8478% and the Bund 10-year yield trading at -0.306%. In the energy space, the Brent (front month) is trading down (-0.79%) for the day at $62.46.

 

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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 1.1136 for 1.1050
Short-term view: EUR/USD resistance at 1.1136, MACD and RSI are weak. Hence, we see a move to 1.1050. Above 1.1136 to open 1.1167.

 

GBPUSD Chart (Two-week)

 
 

Strategy: Resistance at 1.2900, for 1.2802
Short-term view: GBP/USD resistance at 1.2900, MACD and RSI are weak. We see dip to 1.2850, likely 1.2802. Above 1.2900 to open 1.2950.

 

USDJPY Chart (Two-week)

 
 

Strategy: Resistance at 109.15 for 108.43
Short-term view: USD/JPY has resistance around 109.15, MACD and RSI are topping out. Hence, we see a move lower to 108.43, likely 108.01. Above 109.15 opens 109.47.

 

AUDUSD Chart (Two-week)

 
 

Strategy: Resistance at 0.6950 for 0.6820
Short-term view: AUD/USD MACD and RSI are weak and resistance at 0.6950. A move towards 0.6883 likely 0.6820. Above 0.6950 to open 0.6983.