Risk Sentiments Up With a Vaccine in Sight

Updated 09:18AM 29/04/2020

In the G10 FX Market, NZD and AUD are the top gainers today, up 0.64% and 0.58% versus the dollar while GBP and USD are the top losers. The dollar fell broadly versus major currencies on Wednesday, inching to a two-week low, as improved stock markets helped risk sentiments ahead of the Federal Reserve meeting later in the day.

 

In terms of Coronavirus News, there is now a possibility of a vaccine as soon as September if trials conducted by Oxford Group show positive results. So far the first human trials of the vaccine are conducted on 1K patients which will be expanded to 6K in June.

 

In the rates market, global yields were trading weaker with the US 10-year yield down -2.1bp trading at 0.595 and the German 10-year yield trading lower by -1.6bp around -0.484. In the energy space, the Brent front month is trading up 14.27% for the day at $23.38.

 

10-year Yields Daily Chart (1-month)

 
 

Daily FX Pivots

 
 

Brent Crude Daily Chart (1-month)

 
 

(Content and Data by Tradermade)

 

Forex Chart and Technical Analysis

 

EURUSD Chart (Two-week)

 
 

Strategy: Support at 1.084 for 1.092
Short-term view: EUR/USD MACD and RSI are flat but support comes in at 1.084 and we see a rise to 1.092 enter at 1.0864. Below 1.084 to open 1.079

 

GBPUSD Chart (Two-week)

 
 

Strategy: Resistance at 1.2495 for 1.2379
Short-term view: GBP/USD MACD and RSI are flat but resistance comes in at 1.2495 and we see a dip to 1.2379 enter at 1.2457. Above 1.2495 to open 1.2566

 

USDJPY Chart (Two-week)

 
 

Strategy: Resistance at 106.92 for 106.13
Short-term view: USD/JPY resistance comes in at 106.92 MACD and RSI have a bearish bias. Hence, we see a dip to 106.13 enter at 106.66. Above 106.92 to open 107.29

 

AUDUSD Chart (Two-week)

 
 

Strategy: Support at 0.648 for 0.6561
Short-term view: AUDUSD support comes in at 0.648 MACD and RSI have a bullish bias. Hence, we see a bounce to 0.6561 enter at 0.6507. Below 0.648 to open 0.6446