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UK Election & Trade War

Updated 11:46AM 07/11/2019

FX Strategy 07 Nov 19


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JPY and CHF are the top G10 FX gainers today, up 0.22% and 0.05% vs the dollar while NZD and AUD are the top losers, down -0.22% and -0.19% vs the dollar.Dollar strength is likely to continue into the next year even if a Sino-U.S. trade pact is signed said a Reuters poll survey.Sterling will rise by around 3%, if the UK voters chose Conservative Party in the next General Election on Dec. 12. A fall of 2% is expected if the Labour Party wins the election reported another Reuters poll.Australian and New Zealand dollars came off recent highs after a possible delay was seen in the Sino-U.S. tariff deal. Renewed hopes of a trade deal have pushed global stocks close to record peaks recently.In the Asian equities space, the Nikkei was trading up 0.11% at 23,330.32, Hang Seng down -0.31% at 27601.43 and Kospi was -0.13% at 2141.26.


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(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 weak. 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 1.2900, for 1.2750
Short-term view: GBP/USD resistance at 1.2900, MACD and RSI are weak. We see dip to 1.2802, likely 1.2750. Above 1.2900 to open 1.2950.


USDJPY Chart (Two-week)


Strategy: Resistance at 109.15 for 108.43
Short-term view: USD/JPY has resistance around 109.15, MACD and RSI are topping out. Hence, we see a move lower to 108.43, likely 108.01. Above 109.15 opens 109.47.


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.