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USD Poised, Sterling Rally, Here's Why

Updated 09:46AM 09/12/2019


GBP and JPY are the top G10 FX gainers today, up 0.2% and 0.17% vs the dollar while AUD and NZD are the top losers, down -0.2% and -0.15% vs the dollar. The dollar recovered on the back of stronger-than-expected jobs data, although we are seeing some softness at the start of the week on concerns over U.S.-China trade talks. Sterling jumped after opinion polls showed the lead for the Conservative Party over Labour party extending to 10 points ahead of the General election this week.In the Asian equities space, the Nikkei 225 closed up 0.33% at 23,430.70, Hang Seng closed -0.01% at 26494.73 and Kospi ended 0.33% at 2088.65. The European equities were trading weaker with the FTSE down -0.19% at 7225.91, DAX down -0.17% at 13144.43, and CAC down -0.32% at 5852.94. In the rates market, global yields were trading weaker; the US 10-year yield was trading at 1.8173% and the Bund 10-year yield trading at -0.31%. In the energy space, the Brent (front month) is trading down (-0.68%) for the day at $63.95.

 

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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 1.1089 for 1.1037
Short-term view: EUR/USD resistance at 1.1089, MACD and RSI are weak. Hence, we see a move to 1.1037. Above 1.1089 to open 1.1136.

 

GBPUSD Chart (Two-week)

 
 

Strategy: Resistance at 1.3178, for 1.3096
Short-term view: GBP/USD resistance at 1.3178, MACD and RSI are weak. Hence, we expect a dip to 1.3096. Above 1.3178 to open 1.3222.

 

USDJPY Chart (Two-week)

 
 

Strategy: Resistance at 108.81 for 108.01
Short-term view: USD/JPY resistance at 108.81, RSI and MACD are weak. A move lower to 108.01 is likely. Above 108.81 to open 109.47

 

AUDUSD Chart (Two-week)

 
 

Strategy: Resistance at 0.6862 for 0.6780
Short-term view: AUD/USD MACD and RSI are weakening and resistance at 0.6862. A move towards 0.6780 is likely. Above 0.6862 to open 0.6920.