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FX Strategy 31 Jul 19

Updated 04:59PM 02/08/2019


FX Strategy 31 Jul 19

 

AUD and GBP are the top G10 FX gainers today, up 0.33% and 0.09% vs the dollar while NOK and EUR are the top losers, down -0.17% and -0.07% vs the dollar. The U.S. dollar held firm on Wednesday ahead of the FOMC meeting later today. The Federal Reserve is expected to cut interest rates by 25 basis points for the first time since 2008. However, the main focus is on whether the Fed will leave the possibility of further policy easing or not. Elsewhere, Sterling stabilized after four straight days of losses but was on track for its biggest monthly loss since November 2016 as investors price in a heightened risk of a no-deal Brexit. In the Asian equities space, the Nikkei 225 closed -0.86% lower at 21,521.53, Hang Seng closed -1.31% at 27777.75 and Kospi ended -0.69% at 2024.55. The European equities were trading mixed with the FTSE -0.32% at 7622.31, DAX 0.14% at 12164.16, and CAC 0.02% at 5511.92. In the rates market, global yields were trading weaker; the US 10-year yield was trading at 2.0526% and the Bund 10-year yield trading at -0.408%. In the energy space, the Brent (front month) is trading up (0.6%) for the day at $65.11.

 

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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: Support at 1.1110 for 1.1200
Short-term view: EUR/USD support remains at 1.1110, a move higher targets key points at 1.1167 and 1.1200. Below 1.1110 to open 1.1078 and possibly 1.1019.

 

GBPUSD Chart (Two-week)

 
 

Strategy: Resistance at 1.2202 for 1.2046
Short-term view: GBP/USD resistance at 1.2202 momentum is bearish and we see a deeper dip to 1.2046, likely 1.2000. Above 1.2202 to open 1.2243, 1.2306.

 

USDJPY Chart (Two-week)

 
 

Strategy: Resistance at 108.81 for 108.15
Short-term view: USD/JPY has key resistance around 108.81, momentum is weakening hence, we see a move lower to 108.15 and 107.87. Above 108.81 opens 109.15 and 109.47 in the short-term

 

AUDUSD Chart (Two-week)

 
 

Strategy: Support at 0.6869 for 0.6950
Short-term view: AUD/USD short-term downtrend continues, we look for a hold at 0.6869 but a move lower would bring 0.6830 into play. Above 0.6950 we look for 0.7009 in the immediate short-term.