FX Strategy 31 May 19
JPY and CHF are the top G10 FX gainers today, up 0.73% and 0.22% vs the dollar while CAD and SEK are the top losers, down -0.27% and -0.19% vs the dollar. The yen has rallied after U.S. President Donald Trump threatened to put new tariffs on Mexico; investors were already concerned over trade wars between U.S. and China and these new developments have made market jittery heading into the weekend as the month of May comes to an end. Elsewhere, the Canadian dollar has continued its fall on the back of weakening oil prices despite the Bank of Canada’s forecasting for the economy to pick up (on Thursday). In the Asian equities space, the Nikkei 225 closed down -1.63% at 20,601.19, Hang Seng closed -0.79% at 26901.09 and Kospi ended 0.14% at 2041.74. The European equities were trading weaker with the FTSE down -0.92% at 7151.58, DAX down -1.5% at 11723.23, and CAC down -1.13% at 5189.78. In the rates market, global yields were trading weaker; the US 10-year yield was trading at 2.161% and the Bund 10-year yield trading at -0.202%. In the energy space, the Brent (front month) is trading down (-1.38%) for the day at $65.95.
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Daily Pivots for Key Currency Pairs
Economic Calendar
10-Year Yields Daily 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: Support at 1.1110 for 1.1218 Short-term view: EUR/USD support at 1.1110 and MACD and RSI are bottoming out, we look for a bounce to 1.1180, likely 1.1218 in the short-term. A move below 1.1110 to open 1.1078
GBPUSD Chart (Two-week)
Strategy: Resistance at 1.2681 for 1.2550 Short-term view: GBP/USD has resistance at 1.2681, MACD and RSI are still bearish. Hence, we see a dip to 1.2550. Above 1.2681 to open 1.2750.
USDJPY Chart (Two-week)
Strategy: Resistance at 109.47 for 108.15 Short-term view: USD/JPY resistance at 109.47, MACD and RSI are bearish, Hence, we see a dip to 108.15. Above 109.47 will open 110.00
AUDUSD Chart (Two-week)
Strategy: Resistance at 0.6938 for 0.6877 Short-term view: AUD/USD MACD and RSI are flat, resistance at 0.6938. Hence, there is a risk of dip to 0.6877, possibly 0.6830. A move above .6938 to open .6984.
