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Sterling poised as U.K. Avoids a Technical Recession,

Created 11/11/2019 at 10:09AM

NZD and JPY are the top G10 FX gainers today, up 0.54% and 0.26% vs the dollar while NOK and SEK are the top losers, down -0.32% and -0.19% vs the dollar. The euro hit a four-week low versus the USD on optimism of a trade deal between China and the U.S. There are hopes both countries will roll back their tariffs to boost an ailing global economy.


The pound remained unfazed on Monday despite slightly softer than expected GDP numbers. The market was relieved that the U.K. did not hit a technical recession. The focus will turn to General Election but we suspect a slow grind lower ahead of the election.


In the Asian equities space, the Nikkei 225 closed -0.26% at 23,331.84, Hang Seng closed -2.62% at 26926.55 and Kospi ended -0.61% at 2124.09. The European equities were trading weaker with the FTSE down -0.59% at 7315.91, DAX down -0.27% at 13192.24, and CAC down -0.01% at 5888.86. In the rates market, global yields were trading mixed; the US 10-year yield was trading at nan% and the Bund 10-year yield trading at -0.265%. In the energy space, the Brent (front month) is trading down (-1.25%) for the day at $61.73.


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Daily Pivots for Key Currency Pairs


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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 1.1061 for 1.0950
Short-term view: EUR/USD resistance at 1.1061, MACD and RSI are weak. Hence, we see a move to 1.1000, likely 1.0950. Above 1.1061 to open 1.1194.


GBPUSD Chart (Two-week)


Strategy: Resistance at 1.2850, for 1.2750
Short-term view: GBP/USD resistance at 1.2850, MACD and RSI are weak. We see dip to 1.2750, likely 1.2700. Above 1.2850 to open 1.2900.


USDJPY Chart (Two-week)


Strategy: Resistance at 109.47 for 108.43
Short-term view: USD/JPY has resistance around 109.47, MACD and RSI are topping out. Hence, we see a move lower to 108.43, likely 108.01. Above 109.47 opens 110.00.


AUDUSD Chart (Two-week)


Strategy: Resistance at 0.6883 for 0.6820
Short-term view: AUD/USD MACD and RSI are weak and resistance at 0.6883. A move towards 0.6820 likely 0.6780. Above 0.6883 to open 0.6920.