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Investors Chase Risk with Trade Deal Insight

Updated 10:01AM 05/11/2019

AUD and NOK are the top G10 FX gainers today, up 0.58% and 0.4% vs the dollar while JPY and CHF are the top losers, down -0.27% and -0.25% vs the dollar. The U.S. dollar rose on growing optimism over the Sino-U.S. trade deal. A preliminary agreement is being agreed to scale back the trade war. Japanese Yen and Swiss Franc were weak as investors chased risky assets. The Reserve Bank of Australia (RBA) left monetary policy unchanged and this had little impact on the Australian Dollar. The British pound advanced initially though UK election uncertainty capped gains. The Bank of England is due later this week and we expect the policy stance to be neutral. Focus to remain on UK election with any drop in conservative party lead to cause weakness in Sterling. In the Asian equities space, the Nikkei 225 closed up 1.71% at 23,251.99, Hang Seng closed 0.49% at 27683.4 and Kospi ended 0.58% at 2142.64. The European equities were trading mixed with the FTSE 0.35% at 7395.14, DAX 0.03% at 13140.54, and CAC -0.05% at 5821.29. In the rates market, global yields were trading firmer; the US 10-year yield was trading at 1.8265% and the Bund 10-year yield trading at -0.314%. In the energy space, the Brent (front month) is trading up (0.5%) for the day at $62.44.


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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 1.1167 for 1.1094
Short-term view: EUR/USD resistance at 1.1167, MACD and RSI are weak. Hence, we see a move to 1.1094. Above 1.1167 to open 1.1200.


GBPUSD Chart (Two-week)


Strategy: Resistance at 1.2950, for 1.2802
Short-term view: GBP/USD resistance at 1.2950, MACD and RSI are weak. We see dip to 1.2850, likely 1.2802. Above 1.2950 to open 1.3000.


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