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Trade Talks Progress, Lagarde Up Next

Created 11/04/2019 at 09:35AM

NZD and SEK are the top G10 FX gainers today, up 0.39% and 0.1% vs the dollar while JPY and CHF are the top losers, down -0.16% and -0.16% vs the dollar. The euro edged lower ahead of Lagarde's debut speech as ECB president though hopes that the U.S. may not impose tariffs on European automobiles kept it at elevated levels. Investors expect Lagarde to stick with the policy script of Mario Draghi; any divergence from it may lead to sharp moves in the euro. Risk sentiments were improved on rising optimism about Sino-U.S. trade talks. The U.S. and China said they made progress in trade negotiations that have harmed the global economy. The U.S. officials said a deal could be signed in the month of November. In the Asian equities space, Hang Seng closed 1.65% at 27547.3 and Kospi ended 1.43% at 2130.24. The European equities were trading firm with the FTSE up +0.44% at 7334.22, DAX up +0.83% at 13068.33, and CAC up +0.67% at 5800.7. In the rates market, global yields were trading firmer; the US 10-year yield was trading at 1.7523% and the Bund 10-year yield trading at -0.361%. In the energy space, the Brent (front month) is trading up (0.02%) for the day at $61.7.


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Major Currency Pairs


EURUSD Chart (Two-week)


Strategy: Resistance at 1.1167 for 1.1094
Short-term view: EUR/USD resistance at 1.1167, MACD and RSI are toppping out. Hence, we see a move to 1.1094. Above 1.1167 to open 1.1200.


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 topping out. We see dip to 1.2900, likely 1.2850. Above 1.3000 to open 1.3060.


USDJPY Chart (Two-week)


Strategy: Resistance at 108.43 for 107.64
Short-term view: USD/JPY has resistance around 108.43, MACD and RSI lacks upside momentum. Hence, we see a move lower to 107.64, likely 107.20. Above 108.43 opens 108.81.


AUDUSD Chart (Two-week)


Strategy: Resistance at 0.6920 for 0.6820
Short-term view: AUD/USD MACD and RSI are topping out and resistance at 0.6920. A move towards 0.6883 likely 0.6820. Above 0.6920 to open 0.6983.