Trade Deal in Doubts, Here's Why

Updated 10:05AM 21/11/2019


NOK and SEK are the top G10 FX gainers today, up 0.32% and 0.19% vs the dollar while CAD and USD are the top losers. Japanese yen firmed after Reuters reported that sources close to White House think that a Sino-U.S. trade deal is unlikely by the end of this year. The yuan fell to three-week lows low on concerns that U.S. tariffs may not be rolled back. Also, U.S. President expected to pass two bills in support of protesters in Hong Kong.

 

In the Asian equities space, the Nikkei 225 closed -0.48% lower at 23,038.58, Hang Seng closed -1.57% at 26466.88 and Kospi ended -1.35% at 2096.6. The European equities were trading weaker with the FTSE down -0.77% at 7206.22, DAX down -0.54% at 13086.87, and CAC down -0.6% at 5858.61. In the rates market, global yields were trading firmer; the US 10-year yield was trading at 1.7448% and the Bund 10-year yield trading at -0.345%. In the energy space, the Brent (front month) is trading down (-0.38%) for the day at $62.16.

 

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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 mixed. 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 1.2950, for 1.2850
Short-term view: GBP/USD resistance at 1.2950, MACD and RSI are weak. We see dip to 1.2850, likely 1.2802. Above 1.2950 to open 1.3000.

 

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 0.6780
Short-term view: AUD/USD MACD and RSI are weak and resistance at 0.6833. A move towards 0.6700. Above 0.6833 to open 0.6862.

 
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