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Forex Quiet ahead of Fed and BoJ

Created 10/28/2019 at 09:45AM


GBP and NOK are the top G10 FX gainers today, up 0.15% and 0.12% vs the dollar while SEK and CAD are the top losers, down -0.1% and -0.05% vs the dollar. U.S. dollar index fell from one week high on hopes of a China-U.S. trade-deal. The week is busy with a number of central bank meetings, including the Fed and the Bank of Japan on Wednesday and Thursday, respectively. Fed is expected to cut rates by 25bp while BoJ is likely to make a close call on whether to provide more stimulus or not. EU is also highly likely to agree to delay Brexit until 31st January as soon as Monday.

 

In the Asian equities space, the Nikkei 225 closed up 0.30% at 22,867.27, Hang Seng closed 0.84% at 26891.26 and Kospi ended 0.27% at 2093.6. The European equities were trading mixed with the FTSE -0.19% at 7310.74, DAX 0.07% at 12902.92, and CAC -0.1% at 5716.66. In the rates market, global yields were trading firmer; the US 10-year yield was trading at 1.8278% and the Bund 10-year yield trading at -0.356%. In the energy space, the Brent (front month) is trading down (-0.58%) for the day at $61.66.

 

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Daily Pivots for Key Currency Pairs

 
 

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10-year Yields Chart (6-month)

 
 

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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 bearish. Hence, we see a move to 1.1050. Above 1.1036 to open 1.1167, likely 1.1200.

 

GBPUSD Chart (Two-week)

 
 

Strategy: Resistance at 1.2900 for 1.2750
Short-term view: GBP/USD resistance at 1.2900, MACD and RSI are weak. We see risk of a dip to 1.2750. Above 1.2900 to open 1.3000.

 

USDJPY Chart (Two-week)

 
 

Strategy: Resistance at 108.81 for 108.11
Short-term view: USD/JPY has resistance around 108.60, MACD and RSI are weak. Hence, we see a move lower to 108.11. Above 108.81 opens 109.15.

 

AUDUSD Chart (Two-week)

 
 

Strategy: Resistance at 0.6869 for 0.6780
Short-term view: AUD/USD MACD and RSI are weak and resistance at 0.6869. A move towards 0.6780 likely. Above 0.6862 to open 0.6920.