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Sterling higher, AUD Lower, here's Why?

Updated 10:12AM 04/12/2019


GBP and CAD are the top G10 FX gainers today, up 0.43% and 0.13% vs the dollar while AUD and SEK are the top losers, down -0.32% and -0.29% vs the dollar. AUD fell after weaker Q3 GDP data. The risk sentiments are improved after rumors that U.S. and China are close to a deal despite rhetoric from both sides. Elsewhere, Sterling edged higher, hitting a 7-month high versus the dollar; the market is betting on a conservative majority and we may see further upside while UK PM Boris Johnson maintains the lead over their closest rival. In the Asian equities space, the Nikkei 225 closed -1.05% lower at 23,135.23, Hang Seng closed -1.25% at 26062.56 and Kospi ended -0.73% at 2068.89. The European equities were trading firm with the FTSE up +0.26% at 7177.37, DAX up +1.06% at 13126.33, and CAC up +1.12% at 5791.49. In the rates market, global yields were trading firmer; the US 10-year yield was trading at 1.7482% and the Bund 10-year yield trading at -0.333%. In the energy space, the Brent (front month) is trading up (1.28%) for the day at $61.6.

 

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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 1.1037
Short-term view: EUR/USD resistance at 1.1094, MACD and RSI are weakening. Hence, we see a move to 1.1037. Above 1.1094 to open 1.1136.

 

GBPUSD Chart (Two-week)

 
 

Strategy: Resistance at 1.3060, for 1.2950
Short-term view: GBP/USD resistance at 1.3060, MACD and RSI are topping out. Hence, we expect a dip to 1.2950. Above 1.3060 to open 1.3096

 

USDJPY Chart (Two-week)

 
 

Strategy: Resistance at 108.89 for 108.01
Short-term view: USD/JPY resistance at 108.89, RSI and MACD are moving lower. A move lower to 108.01 is likely. Above 108.89 to open 108.89

 

AUDUSD Chart (Two-week)

 
 

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