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U.S. Dollar Resilient, Equities have a Weak Start

Updated 10:05AM 10/02/2020


NOK and AUD are the top G10 FX gainers today, up 0.57% and 0.28% vs the dollar while JPY and USD are the top losers.

 

The US dollar continued to strengthen on the back of a resilient economy and coronavirus threat in China. Sterling dips to a 2-1/2 month low versus the dollar on worries over a trade deal with the EU and general strength in the U.S. economy.

 

In the Asian equities space, the Nikkei 225 closed -0.60% lower at 23,685.98, Hang Seng closed -0.59% at 27241.34 and Kospi ended -0.49% at 2201.07. The European equities were trading weaker with the FTSE down -0.37% at 7439.09, DAX down -0.3% at 13472.81, and CAC down -0.38% at 6006.62. In the rates market, global yields were trading weaker; the US 10-year yield was trading at 1.5696% and the Bund 10-year yield trading at -0.399%. In the energy space, the Brent (front month) is trading down (-0.28%) for the day at $54.32.

 

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(Content and Data by Tradermade)

 

Forex Chart and Technical Analysis

 

EURUSD Chart (Two-week)

 
 

Strategy: Resistance at 1.0959 for 1.0925
Short-term view: EUR/USD resistance comes in at 1.0959, MACD crossover suggests a bearish bias and RSI is below 50. Hence we see a downside to 1.0925. Above 1.0959 to open 1.1014.

 

GBPUSD Chart (Two-week)

 
 

Strategy: Resistance at 1.2939, for 1.2833
Short-term view: GBP/USD resistance comes in at 1.2939, MACD crossover suggests a bearish bias and RSI is below 50. Hence we see a downside to 1.2833. Above 1.2939 to open 1.2988.

 

USDJPY Chart (Two-week)

 
 

Strategy: Support at 109.64 for 110.09
Short-term view: USD/JPY support comes in at 109.64, MACD above zero and RSI is above 50. Hence we see an upside to 110.09. Below 109.64 to open 109.54

 

AUDUSD Chart (Two-week)

 
 

Strategy: Support at 0.6741 for 0.6677
Short-term view: AUD/USD resistance comes in at 0.6725, MACD below zero and RSI is below 50. Hence we see a downside to 0.6609. Above 0.6725 to open 0.6777.