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USD Surge and AUD Weakness Here's Why

Created 10/01/2019 at 09:22AM

USD and EUR are the top G10 FX gainers today while AUD and SEK are the top losers, down -0.77% and -0.59% vs the dollar. The U.S. dollar reached a 29-month high as signs of strength in the domestic economy and uncertainty over the China-U.S. trade war helped the Greenback. The Australian dollar fell to a month low after the RBA cut rates to an all-time low of 0.75% and hinted at more easing if needed.


Elsewhere, Sterling found support around three-week lows as investor eyed Prime Minister Boris Johnson proposal for Brexit.


In the Asian equities space, the Nikkei 225 closed 0.59% higher at 21,885.24, Hang Seng closed 0.0% at 26092.27 and Kospi ended 0.45% at 2072.42. The European equities were trading mixed with the FTSE -0.18% at 7395.21, DAX 0.06% at 12435.99, and CAC 0.04% at 5679.8.


In the rates market, global yields were trading firmer; the US 10-year yield was trading at 1.7495% and the Bund 10-year yield trading at -0.517%. In the energy space, the Brent (front month) is trading down (-1.51%) for the day at $59.86.


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Daily Pivots for Key Currency Pairs


Economic Calendar


10-year Yields Chart (6-month)


USD-Index Daily Chart (6-month)


Brent Front Month Daily Chart (6-month)


Trade Weighted Basket Hourly (two-week)


(Content and Data by Tradermade)


Major Currency Pairs


EURUSD Chart (Two-week)


Strategy: Resistance at 1.0924 for 1.0840
Short-term view: EUR/USD resistance at 1.0924, MACD and RSI are weakening. Hence, we see a move to 1.0840. Above 1.0924 to open 1.0965.


GBPUSD Chart (Two-week)


Strategy: Resistance at 1.2339 for 1.2265
Short-term view: GBP/USD resistance at 1.2339, MACD and RSI are weakening. We see risk of a dip to 1.2265, likely 1.2219. Above 1.2339 to open 1.2381.


USDJPY Chart (Two-week)


Strategy: Resistance at 108.81 for 108.01
Short-term view: USD/JPY has resistance around 108.81, MACD and RSI are topping out. Hence, we see a move lower to 108.01, likely 107.48. Above 108.81 opens 109.15.


AUDUSD Chart (Two-week)


Strategy: Resistance at 0.6750 for 0.6650
Short-term view: AUD/USD MACD and RSI are weakening, resistance at 0.6781 for a move lower towards 0.6650. Above 0.6750 we look for 0.6781.