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Safe Havens Up on Iran-U.S. Conflict

Updated 10:16AM 06/01/2020


GBP and CHF are the top G10 FX gainers today, up 0.41% and 0.35% vs the dollar while SEK and USD are the top losers. The Japanese Yen and other safe-haven assets were up in early hours of trading, as investors worried that the death of Iran's military commander by the US may trigger a broader conflict in the middle east.Gold was close to a seven-year high on Monday, as the demand for safe-haven led to the strength.In the Asian equities space, the Nikkei 225 closed -1.91% lower at 23,204.86, Hang Seng closed -0.79% at 28226.19 and Kospi ended -0.98% at 2155.07. The European equities were trading weaker with the FTSE down -1.03% at 7543.81, DAX down -1.74% at 12988.69, and CAC down -1.13% at 5975.88. In the rates market, global yields were trading weaker; the US 10-year yield was trading at 1.7812% and the Bund 10-year yield trading at -0.29%. In the energy space, the Brent (front month) is trading up (1.75%) for the day at $69.8.

 

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Forex Chart and Technical Analysis

 

EURUSD Chart (Two-week)

 
 

Strategy: Resistance at 1.1200 for 1.1100
Short-term view: EUR/USD resistance at 1.1200, MACD and RSI are weak. Hence, we see a move to 1.1136, likely 1.1100. Above 1.1200 to open 1.1234.

 

GBPUSD Chart (Two-week)

 
 

Strategy: Resistance at 1.3222, for 1.3050
Short-term view: GBP/USD resistance at 1.3222, MACD and RSI are weak. Hence, we expect a dip to 1.3050. Above 1.3222 to open 1.3296.

 

USDJPY Chart (Two-week)

 
 

Strategy: Resistance at 108.43 for 107.64
Short-term view: USD/JPY resistance at 108.43, RSI and MACD are weak. A move lower to 107.64, probably 107.20 is likely. Above 108.43 to open 109.00

 

AUDUSD Chart (Two-week)

 
 

Strategy: Resistance at 0.6983 for 0.6920
Short-term view: AUD/USD MACD and RSI are weak and resistance at 0.6983. A move towards 0.6920 is likely. Above 0.6983 to open 0.7065.