Sterling Up, Dollar Down, What's Next

Updated 10:13AM 19/11/2019


NZD and SEK are the top G10 FX gainers today, up 0.13% and 0.0% vs the dollar while CHF and GBP are the top losers, down -0.24% and -0.08% vs the dollar. The British Pound edged to near six-month high versus the euro on the view that PM Boris Johnson Conservative Party will win a majority in the next general election on 12th December. If such a scenario came to be the agreed Brexit deal is likely to be approved which will set the Brexit date to 31st Jan. The dollar stabilized after three successive days of losses as investors awaited FOMC minutes from the last meeting. Hawkish policy minutes could lead to a dollar rebound.

 

In the Asian equities space, the Nikkei 225 closed -0.53% lower at 23,292.65, Hang Seng closed 1.55% at 27093.8 and Kospi ended -0.34% at 2153.24. The European equities were trading firm with the FTSE up +0.8% at 7366.14, DAX up +0.92% at 13328.78, and CAC up +0.35% at 5950.78. In the rates market, global yields were trading firmer; the US 10-year yield was trading at 1.8204% and the Bund 10-year yield trading at -0.329%. In the energy space, the Brent (front month) is trading down (-0.88%) for the day at $61.89.

 

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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 1.1037, likely 1.100. Above 1.1094 to open 1.1136.

 

GBPUSD Chart (Two-week)

 
 

Strategy: Resistance at 1.3000, for 1.2850
Short-term view: GBP/USD resistance at 1.3000, MACD and RSI are overbought. We see dip to 1.2900, likely 1.2850. Above 1.3000 to open 1.3060.

 

USDJPY Chart (Two-week)

 
 

Strategy: Resistance at 109.01 for 108.01
Short-term view: USD/JPY has resistance around 109.01, MACD and RSI are weak. Hence, we see a move lower to 108.01, likely 107.64. Above 109.01 opens 109.47.

 

AUDUSD Chart (Two-week)

 
 

Strategy: Resistance at 0.6820 for 0.6780
Short-term view: AUD/USD MACD and RSI are topping out and resistance at 0.6820. A move towards 0.6700. Above 0.6820 to open 0.6862.

 
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