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FX Strategy 19 Jun 19

Downtrend stacks of golden coins and the dices cube with the word SELL. Financial chart as background. Selective focus

CHF and GBP are the top G10 FX gainers today, up 0.16% and 0.13% vs the dollar while NZD and AUD are the top losers, down -0.09% and -0.07% vs the dollar. The U.S. dollar was trading flat ahead of the Fed policy meeting; the investors are waiting to see if Federal Reserve will be as dovish as the ECB. ECB Mario Draghi was overly dovish on Tuesday triggering a stock and bonds rally. Elsewhere, AUD and NZD got a reprieve after Trump and Xi revived trade talks. In the Asian equities space, the Nikkei 225 closed +1.72% higher at 21,333.87, Hang Seng closed 2.56% at 28202.14 and Kospi ended 1.24% at 2124.78. The European equities were trading weaker with the FTSE down -0.35% at 7416.63, DAX down -0.04% at 12326.38, and CAC down -0.23% at 5497.18. In the rates market, global yields were trading firmer; the US 10-year yield was trading at 2.0802% and the Bund 10-year yield trading at -0.298%. In the energy space, the Brent (front month) is trading down (-0.45%) for the day at $61.86.


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)




Major Currency Pairs





EURUSD Chart (Two-week)



Strategy: Resistance at 1.1244 for 1.1110
Short-term view: EUR/USD resistance at 1.1244 and MACD and RSI have a bearish bias, we look for a dip to 1.1110. Above 1.1244 to open 1.1289.


GBPUSD Chart (Two-week)



Strategy: Resistance at 1.2600 for 1.2517
Short-term view: GBP/USD has resistance at 1.2600, MACD and RSI are bearish. Hence, we see a dip to 1.2517, likely 1.2481. Above 1.2600 to open 1.2639, likely 1.2700.


USDJPY Chart (Two-week)



Strategy: Resistance at 108.73 for 107.57
Short-term view: USD/JPY resistance at 108.73, MACD and RSI are giving bearish signals, Hence, we see a dip to 108.01, probably 107.57. Above 108.73 to open 109.15


AUDUSD Chart (Two-week)



Strategy: Resistance at 0.6877 for 0.6830
Short-term view: AUD/USD resistance at 0.6915, MACD and RSI are looking to top out. Hence, we see a dip to 0.6830, likely .6771. A move above .6915 to open .6950.



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