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Trade Wars Escalate Here's How

Updated 08:20AM 09/10/2019

NZD and EUR are the top G10 FX gainers today, up 0.25% and 0.23% vs the dollar while JPY and USD are the top losers. The U.S. dollar was trading slightly weaker and hopes of a breakthrough in U.S-China trade talks also dived with the U.S. banning Chinese companies and imposing visa restrictions on Chinese officials over the issue of Muslim minorities. Yuan traded at a one-month low as trade tensions rose ahead of key Sino-U.S. trade talks.


In the Asian equities space, the Nikkei 225 closed down 0.61% at 21,456.38 and Hang Seng closed -0.62% at 25732.38. The European equities were trading firm with the FTSE up +0.35% at 7168.2, DAX up +0.53% at 12033.08, and CAC up +0.31% at 5473.76.


In the rates market, global yields were trading firmer; the US 10-year yield was trading at 1.5425% and the Bund 10-year yield trading at -0.575%. In the energy space, the Brent (front month) is trading down (-0.03%) for the day at $58.22.


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(Content and Data by Tradermade)


Major Currency Pairs


EURUSD Chart (Two-week)


Strategy: Resistance at 1.1025 for 1.0900
Short-term view: EUR/USD resistance at 1.1025, MACD and RSI are weak. Hence, we see a move to 1.0900. Above 1.1025 to open 1.1085.


GBPUSD Chart (Two-week)


Strategy: Resistance at 1.2265 for 1.2169
Short-term view: GBP/USD resistance at 1.2265, MACD and RSI are weakening. We see risk of a dip to 1.2169. Above 1.2265 to open 1.2325.


USDJPY Chart (Two-week)


Strategy: Resistance at 107.48 for 106.80
Short-term view: USD/JPY has resistance around 107.48, MACD and RSI lack upside momentum. Hence, we see a move lower to 106.80, likely 106.40. Above 107.48 opens 108.01.


AUDUSD Chart (Two-week)


Strategy: Resistance at 0.6781 for 0.6700
Short-term view: AUD/USD MACD and RSI are weakening, resistance at 0.6780 for a move lower towards 0.6700, likely 0.6650. Above 0.6781 we look for 0.6830.