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FX Strategy 02 Aug 19

Updated 05:33PM 02/08/2019

FX Strategy 02 Aug 19

 

JPY and CHF are the top G10 FX gainers today, up 0.43% and 0.4% vs the dollar while NZD and NOK are the top losers, down -0.5% and -0.3% vs the dollar. The U.S. threat to put new tariffs on Chinese imports led to the demand for safe-havens; JPY hit a five-week high versus the dollar and a 2-1/2 high versus the Sterling. The British Pound was trading near 30-month lows ($1.2101) on Brexit fears; we continue to see Sterling as vulnerable given that the "no-deal" uncertainty is only going to rise. In the Asian equities space, the Nikkei 225 closed -2.11% lower at 21,087.16, Hang Seng closed -2.35% at 26918.58 and Kospi ended -0.95% at 1998.13. The European equities were trading weaker with the FTSE down -2.15% at 7421.55, DAX down -2.92% at 11894.87, and CAC down -2.94% at 5393.8. In the rates market, global yields were trading weaker; the US 10-year yield was trading at 1.8469% and the Bund 10-year yield trading at -0.491%. In the energy space, the Brent (front month) is trading up (2.45%) for the day at $61.98.

 

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Daily Pivots for Key Currency Pairs

 
 

Economic Calendar

 
 

10-year Yields Chart (6-month)

 
 

USD-Index Daily Chart (6-month)

 
 

Brent Front Month Daily Chart (6-month)

 
 

Trade Weighted Basket Hourly (two-week)

 
 

(Content and Data by Tradermade)

 

Major Currency Pairs

 

EURUSD Chart (Two-week)

 
 

Strategy: Resistance at 1.1110 for 1.1019
Short-term view: EUR/USD resistance at 1.1110, a move lower targets key points at 1.1062 and 1.1019. Above 1.1110 to open 1.1167.

 

GBPUSD Chart (Two-week)

 
 

Strategy: Resistance at 1.2181 for 1.2046
Short-term view: GBP/USD resistance at 1.2181 momentum is bearish and we see a deeper dip to 1.2046, likely 1.2000. Above 1.2181 to open 1.2243, 1.2306.

 

USDJPY Chart (Two-week)

 
 

Strategy: Resistance at 107.48 for 106.65
Short-term view: USD/JPY has resistance around 107.48 momentum is overly bearish hence, we see a move lower to 106.65 and 106.15. Above 107.48 opens 107.87.

 

AUDUSD Chart (Two-week)

 
 

Strategy: Resistance at 0.6830 for 0.6771
Short-term view: AUD/USD short-term downtrend continues, we look for resistance at 0.6830 for a move lower towards 0.6771, likely 0.6725. Above 0.6830 we look for 0.6869 in the immediate short-term.