Created 08/20/2019 at 09:24AM

FX Strategy 20 Aug 19


JPY and AUD are the top G10 FX gainers today, up 0.21% and 0.21% vs the dollar while GBP and NOK are the top losers, down -0.24% and -0.13% vs the dollar.


The EUR dipped versus the dollar as the U.S. Dollar was boosted by a rise in yields caused by talks of a German stimulus package. Political uncertainty in Italy also weighed on the Euro: there is a no-confidence vote against the ruling coalition in Italy today. That said the market will focus on the Fed Chair Jerome Powell speech at the Jackson Hole symposium on Friday before any sharp moves.


In the Asian equities space, the Nikkei 225 closed up 0.55% at 20,677.22, Hang Seng closed -0.23% at 26231.54 and Kospi ended 1.05% at 1960.25. The European equities were trading mixed with the FTSE 0.28% at 7209.97, DAX -0.01% at 11714.59, and CAC 0.05% at 5374.47. In the rates market, global yields were trading weaker; the US 10-year yield was trading at 1.5808% and the Bund 10-year yield trading at -0.672%. In the energy space, the Brent (front month) is trading up (0.3%) for the day at $59.92.


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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 1.1120 for 1.1019
Short-term view: EUR/USD resistance at 1.1120, MACD and RSI are weak. Hence, we see a move to 1.1062, possibly 1.1019. Above 1.1120 to open 1.1167.


GBPUSD Chart (Two-week)


Strategy: Resistance at 1.2141 for 1.2000
Short-term view: GBP/USD resistance at 1.2141, MACD and RSI are weak hence, we see a dip to 1.2046, likely 1.2000. Above 1.2141 to open 1.2190.


USDJPY Chart (Two-week)


Strategy: Resistance at 106.65 for 105.03
Short-term view: USD/JPY has resistance around 106.65 MACD and RSI are giving mixed signals, hence, we see a move lower to 105.81 and 105.03. Above 106.65 opens 107.05-107.48.


AUDUSD Chart (Two-week)


Strategy: Resistance at 0.6800 for 0.6725
Short-term view: AUD/USD short-term downtrend intact, we look for resistance at 0.6800 for a move lower towards 0.6725, likely 0.6650. Above 0.6800 we look for 0.6830-0.6869 in the immediate short-term.

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