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What to Expect of the Dollar and Sterling

Created 11/12/2019 at 10:07AM


SEK and USD are the top G10 FX gainers today while NZD and NOK are the top losers, down -0.44% and -0.22% vs the dollar. The dollar was trading firm on Tuesday as investors were optimistic that U.S. President Donald Trump in his speech will propose a postponement of tariffs on EU autos. Trump's speech at the Economic Club of New York is expected to cause moves in the forex market as traders await hints on the trade war with China, and any progress on a trade deal. Elsewhere, Cable improved a little after the U.K. unemployment fell unexpectedly to 3.8%. That said, it is unlikely that decent unemployment numbers will be able to lift Sterling ahead of the General election, we expect a drift lower. In the Asian equities space, the Nikkei 225 closed up 0.81% at 23,520.01, Hang Seng closed 0.52% at 27065.28 and Kospi ended 0.79% at 2140.92. The European equities were trading firm with the FTSE up +0.19% at 7342.47, DAX up +0.28% at 13235.19, and CAC up +0.14% at 5902.18. In the rates market, global yields were trading mixed; the US 10-year yield was trading at 1.9277% and the Bund 10-year yield trading at -0.24%. In the energy space, the Brent (front month) is trading up (0.47%) for the day at $62.47.

 

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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 1.1061 for 1.0950
Short-term view: EUR/USD resistance at 1.1061, MACD and RSI are weak. Hence, we see a move to 1.1000, likely 1.0950. Above 1.1061 to open 1.1194.

 

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 1.2750, likely 1.2700. Above 1.2900 to open 1.2950.

 

USDJPY Chart (Two-week)

 
 

Strategy: Resistance at 109.47 for 108.43
Short-term view: USD/JPY has resistance around 109.47, MACD and RSI are topping out. Hence, we see a move lower to 108.43, likely 108.01. Above 109.47 opens 110.00.

 

AUDUSD Chart (Two-week)

 
 

Strategy: Resistance at 0.6883 for 0.6820
Short-term view: AUD/USD MACD and RSI are weak and resistance at 0.6883. A move towards 0.6820 likely 0.6780. Above 0.6883 to open 0.6920.