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Sterling Fell on Growth Worries , What's Next

Created 11/22/2019 at 10:13AM


NZD and AUD are the top G10 FX gainers today, up 0.2% and 0.13% vs the dollar while GBP and CHF are the top losers, down -0.33% and -0.06% vs the dollar. The dollar fell in initial hours of trading as risk appetite was boosted by statements from Xi Jinping. He said that China wants to work out a deal with the U.S. and will try to avoid a trade war. Sterling fell on Growth fears: the U.K. Manufacturing PMI fell to a two-month low of 48.3, while the Composite PMI reported a 40-month low of 48.5 in November.

 

In the Asian equities space, the Nikkei 225 closed up 0.32% at 23,112.88, Hang Seng closed 0.48% at 26595.08 and Kospi ended 0.26% at 2101.96. The European equities were trading firm with the FTSE up +0.92% at 7305.37, DAX up +0.16% at 13158.53, and CAC up +0.19% at 5892.43. In the rates market, global yields were trading weaker; the US 10-year yield was trading at 1.7551% and the Bund 10-year yield trading at -0.35%. In the energy space, the Brent (front month) is trading down (-0.02%) for the day at $63.96.

 

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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 1.1094 for 1.1000
Short-term view: EUR/USD resistance at 1.1094, MACD and RSI are weak. Hence, we see a move to 1.1000. Above 1.1094 to open 1.1136.

 

GBPUSD Chart (Two-week)

 
 

Strategy: Resistance at 1.2900, for 1.2802
Short-term view: GBP/USD resistance at 1.2900, MACD and RSI are weak. We see dip to 1.2802, likely 1.2750. Above 1.2900 to open 1.2950.

 

USDJPY Chart (Two-week)

 
 

Strategy: Resistance at 108.96 for 108.01
Short-term view: USD/JPY has resistance around 108.96, MACD and RSI are weak. Hence, we see a move lower to 108.01, likely 107.64. Above 108.96 opens 109.47.

 

AUDUSD Chart (Two-week)

 
 

Strategy: Resistance at 0.6833 for 0.6740
Short-term view: AUD/USD MACD and RSI are weak and resistance at 0.6833. A move towards 0.6740. Above 0.6833 to open 0.6862.