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U.S. China Trade Deal Optimism and Forex

Created 11/08/2019 at 10:00AM


USD and GBP are the top G10 FX gainers today while AUD and SEK are the top losers, down -0.32% and -0.29% vs the dollar. There is optimism on the Sino-U.S. trade deal after news that both countries have agreed to roll back tariffs on each other imports in phase one deal if it is signed. Elsewhere, German exports registered its biggest rise in two years, providing some support for the euro and alleviating concerns that Germany may dip into recession in the third quarter. In the Asian equities space, the Nikkei 225 closed up 0.26% at 23,391.87, Hang Seng closed -0.7% at 27651.14 and Kospi ended -0.33% at 2137.23. The European equities were trading weaker with the FTSE down -0.48% at 7370.56, DAX down -0.38% at 13239.07, and CAC down -0.45% at 5864.4. In the rates market, global yields were trading weaker; the US 10-year yield was trading at 1.9121% and the Bund 10-year yield trading at -0.252%. In the energy space, the Brent (front month) is trading down (-0.74%) for the day at $61.83.

 

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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 flat. Hence, we see a move to 1.1000, likely 1.0950. Above 1.1094 to open 1.1136

 

GBPUSD Chart (Two-week)

 
 

Strategy: Resistance at 1.2850, for 1.2750
Short-term view: GBP/USD resistance at 1.2850, MACD and RSI are weak. We see a dip to 1.2750, likely 1.2700. Above 1.2850 to open 1.2900.

 

USDJPY Chart (Two-week)

 
 

Strategy: Resistance at 109.47 for 108.81
Short-term view: USD/JPY has resistance around 109.47, MACD and RSI are topping out. Hence, we see a move lower to 108.81, likely 108.43. Above 109.47 opens 110.00.

 

AUDUSD Chart (Two-week)

 
 

Strategy: Resistance at 0.6920 for 0.6820
Short-term view: AUD/USD MACD and RSI are weak and resistance at 0.6920. A move towards 0.6820 likely 0.6780. Above 0.6920 to open 0.6983.