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Sentiments Fragile, Brexit Vote Eyed

Updated 10:17AM 07/01/2020


NOK and GBP are the top G10 FX gainers today, up 0.04% and 0.01% vs the dollar while AUD and NZD are the top losers, down -0.68% and -0.31% vs the dollar. JPY and CHF corrected from recent highs as concerns over an all-out war between Iran and the U.S. eased. That said, sentiment remained fragile as tensions between the U.S. and Iran continue to remain. Sterling was buoyed as UK Parliament return after Christmas recess and prepare to vote this week on PM Boris Johnson's withdrawal deal. The bill is likely to pass leading to Britain's exit from the EU on 31st January. The bill then will go to the House of Lords on Monday. In the Asian equities space, the Nikkei 225 closed up 1.60% at 23,575.72, Hang Seng closed 0.34% at 28322.06 and Kospi ended 0.95% at 2175.54. The European equities were trading mixed with the FTSE -0.01% at 7574.73, DAX 0.93% at 13249.52, and CAC 0.57% at 6047.65. In the rates market, global yields were trading firmer; the US 10-year yield was trading at 1.8125% and the Bund 10-year yield trading at -0.278%. In the energy space, the Brent (front month) is trading down (-0.51%) for the day at $68.56.

 

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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 108.81 for 107.64
Short-term view: USD/JPY resistance at 108.81, RSI and MACD are weak. A move lower to 108.01, probably 107.64 is likely. Above 108.81 to open 109.47

 

AUDUSD Chart (Two-week)

 
 

Strategy: Resistance at 0.6950 for 0.6862
Short-term view: AUD/USD MACD and RSI are weak and resistance at 0.6950. A move towards 0.6862 is likely. Above 0.6950 to open 0.7000.