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RBNZ Surprise and Trump Dodge

Created 11/13/2019 at 10:10AM


NZD and CHF are the top G10 FX gainers today, up 1.07% and 0.33% vs the dollar while NOK and SEK are the top losers, down -0.4% and -0.29% vs the dollar. The New Zealand dollar rose 1% after the RBNZ left interest rates on hold unexpectedly. The consensus was for a 0.25% rate cut as global slowdown has pushed the economic growth at a six-year low. Other risky currencies fell versus the dollar after U.S. President Trump threatened to raise tariffs on Chinese goods if a trade deal fails. Trump on Tuesday offered no details on trade negotiations, worrying investors over Sino-U.S. trade wars. In the Asian equities space, the Nikkei 225 closed -0.85% lower at 23,319.87, Hang Seng closed -1.82% at 26571.46 and Kospi ended -0.86% at 2122.45. The European equities were trading weaker with the FTSE down -0.54% at 7326.01, DAX down -0.92% at 13161.45, and CAC down -0.58% at 5885.67. In the rates market, global yields were trading weaker; the US 10-year yield was trading at 1.8843% and the Bund 10-year yield trading at -0.288%. In the energy space, the Brent (front month) is trading down (-0.98%) for the day at $61.45.

 

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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 1.1061 for 1.0950
Short-term view: EUR/USD resistance at 1.1061, MACD and RSI are weak. Hence, we see a move to 1.1000, likely 1.0950. Above 1.1061 to open 1.1194.

 

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 dip to 1.2750, likely 1.2700. Above 1.2900 to open 1.2950.

 

USDJPY Chart (Two-week)

 
 

Strategy: Resistance at 109.47 for 108.43
Short-term view: USD/JPY has resistance around 109.47, MACD and RSI are topping out. Hence, we see a move lower to 108.43, likely 108.01. Above 109.47 opens 110.00.

 

AUDUSD Chart (Two-week)

 
 

Strategy: Resistance at 0.6862 for 0.6780
Short-term view: AUD/USD MACD and RSI are weak and resistance at 0.6862. A move towards 0.6820 likely 0.6780. Above 0.6862 to open 0.6920.