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Sterling Up, Yen Down, Here's Why

Created 11/25/2019 at 10:14AM


GBP and NZD are the top G10 FX gainers today, up 0.34% and 0.11% vs the dollar while JPY and EUR are the top losers, down -0.17% and -0.1% vs the dollar. Sterling improved versus the dollar on Monday as Conservative Party remains number one in opinion polls to win the general election on 12th December. Elsewhere, sentiments were positive on the Sino-U.S. trade front, leading yen to a one-week low. In the Asian equities space, the Nikkei 225 closed up 0.78% at 23,292.81, Hang Seng closed 1.5% at 26993.04 and Kospi ended 1.02% at 2123.5. The European equities were trading firm with the FTSE up +0.63% at 7373.05, DAX up +0.42% at 13219.74, and CAC up +0.48% at 5921.14. In the rates market, global yields were trading firmer; the US 10-year yield was trading at 1.7878% and the Bund 10-year yield trading at -0.352%. In the energy space, the Brent (front month) is trading up (0.08%) for the day at $63.44.

 

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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 1.1050 for 1.0950
Short-term view: EUR/USD resistance at 1.1050, MACD and RSI are weak. Hence, we see a move to 1.1000, likely 1.0950. Above 1.1050 to open 1.1094.

 

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 0.6813 for 0.6740
Short-term view: AUD/USD MACD and RSI are weak and resistance at 0.6813. A move towards 0.6740, likely 0.6700. Above 0.6813 to open 0.6862.