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Trade Worries Return, RBA helps AUD and NZD

Created 12/03/2019 at 09:07AM


AUD and NZD are the top G10 FX gainers today, up 0.54% and 0.4% vs the dollar while JPY and USD are the top losers. The euro and yen held gains after disappointing U.S. manufacturing data and new worries over trade wars.AUD and NZD held on gains after soft U.S. economic data and RBA put rates on hold for next few months.In the Asian equities space, the Nikkei 225 closed -0.64% lower at 23,379.81, Hang Seng closed -0.2% at 26391.3 and Kospi ended -0.38% at 2084.07. The European equities were trading mixed with the FTSE -0.28% at 7265.39, DAX 0.77% at 13064.75, and CAC 0.2% at 5798.03. In the rates market, global yields were trading mixed; the US 10-year yield was trading at 1.8276% and the Bund 10-year yield trading at -0.278%. In the energy space, the Brent (front month) is trading up (0.3%) for the day at $61.1.

 

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Daily Pivots for Key Currency Pairs

 
 

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10-year Yields Chart (6-month)

 
 

Brent Front Month Daily Chart (6-month)

 
 

USD-Index Daily Chart (6-month)

 
 

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Major Currency Pairs

 

EURUSD Chart (Two-week)

 
 

Strategy: Resistance at 1.1094 for 1.1037
Short-term view: EUR/USD resistance at 1.1094, MACD and RSI are overbought. Hence, we see a move to 1.1037. Above 1.1094 to open 1.1136.

 

GBPUSD Chart (Two-week)

 
 

Strategy: Resistance at 1.3000, for 1.2900
Short-term view: GBP/USD resistance at 1.3000, MACD and RSI are moving sideways. Hence, we expect a dip to 1.2900. Above 1.3000 to open 1.3060

 

USDJPY Chart (Two-week)

 
 

Strategy: Resistance at 109.47 for 108.81
Short-term view: USD/JPY resistance at 109.47, RSI and MACD are moving lower. A move lower to 108.81 is likely. Above 109.47 to open 110.00.

 

AUDUSD Chart (Two-week)

 
 

Strategy: Resistance at 0.6862 for 0.6813
Short-term view: AUD/USD MACD and RSI are overbought and resistance at 0.6862. A move towards 0.6813 is likely. Above 0.6862 to open 0.6920.