- October 22, 2018
- Posted by: range
- Category: EXPERT OPINION, FOREX, Technical Analysis
CAD and SEK are the top G10 FX gainers today, up 0.09% and 0.09% vs the dollar while JPY and AUD are the top losers, down -0.23% and -0.2% vs the dollar. EUR recovered after Italian yields fell bringing a calm to the markets; Moody’s downgraded Italian credit ratings on Friday but kept the outlook stable. Sterling remained under pressure as Brexit worries capped gains. Elsewhere, the promise of more Chinese stimulus helped investor’s sentiments. In the Asian equities space, the Nikkei 225 closed 0.37% higher at 22,614.82, Hang Seng closed 2.32% at 26153.15 and Kospi ended 0.25% at 2161.71. The European equities were trading firm with the FTSE up +0.1% at 7057.17, DAX up +0.44% at 11604.56, and CAC up +0.16% at 5092.64. In the rates market, global yields were trading mixed; the US 10-year yield was trading at 3.1997% and the Bund 10-year yield trading at 0.468%. In the energy space, the Brent (front month) is trading up (0.55%) for the day at $80.22
Short-term view: EUR/USD support at 1.1480, MACD and RSI are both bullish. Hence, we see a bounce to 1.1600, possibly 1.1650. Below 1.1480 to open 1.1414
Short-term view: GBP/USD resistance at 1.3096, MACD and RSI have a bearish bias. Hence, we see a correction lower towards 1.3000, possibly 1.2948. Above 1.3096 to open 1.3150
Short-term view: USD/JPY support at 112.15, a base is under completion and RSI has turned over 50. Hence, we see a bounce to 113.15, possibly 113.58. Below 112.15 to open 111.39
Short-term view: AUD/USD resistance at 0.7130, MACD and RSI are bearish. Hence, we are likely to see a dip back to 0.7086, possibly .7055. Above 0.7130 to open .7160.