- August 28, 2019
- Posted by: range
- Category: FOREX, Technical Analysis
The forex market continued to remain wary of a global slowdown with the Japanese Yen holding on to its recent gains. The US 2-10 yield curve inverted further deepening fears of a possible recession.
GBPUSD fell on reports that Queen may be asked to suspend Parliament as early as Wednesday. Elsewhere, AUD remained on the back foot after RBA Deputy Governor mentioned that a weak Aussie is beneficial for the economy.
In the Asian equities space, the Nikkei 225 closed up 0.11% at 20,479.42, Hang Seng closed -0.19% at 25615.48 and Kospi ended 0.86% at 1941.09. The European equities were trading mixed with the FTSE 0.44% at 7120.79, DAX -0.15% at 11712.69, and CAC -0.31% at 5370.36. In the rates market, global yields were trading weaker; the US 10-year yield was trading at 1.4727% and the Bund 10-year yield trading at -0.706%. In the energy space, the Brent (front month) is trading up (0.77%) for the day at $59.97.
Short-term view: EUR/USD support at 1.1062, MACD and RSI are giving mixed signals Hence, we see a move to 1.1167, possibly 1.1200. Below 1.1062 to open 1.1019, likely 1.0950
Short-term view: GBP/USD resistance at 1.2265, MACD and RSI are weak hence, we see a dip to 1.2190, likely 1.2141. Above 1.2265 to open 1.2306.
Short-term view: USD/JPY has resistance around 106.30 MACD and RSI are giving mixed signals, hence, we see a move lower to 105.03 and 104.29. Above 106.30 opens 106.65-107.05
Short-term view: AUD/USD MACD and RSI are giving mixed signals, we look for resistance at 0.6800 for a move lower towards 0.6725, likely 0.6650. Above 0.6800 we look for 0.6830-0.6869 in the immediate short-term.