Tuesday, September 8, 2020

FX Strategy 08 Sep 2020

 
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FX Strategy 08 Sep 2020

 

In the G10 FX Market, AUD and JPY are the top gainers today, up 0.27% and 0.05% versus the dollar while CHF and GBP are the top losers, down -0.22% and -0.2% versus the dollar, respectively. In the rates market, global yields were trading mixed today. The Japan 10-year was trading at 0.032, flat 0.0bp. The German 10-year was trading at -0.468, down -0.8bp. The UK 10-year was trading at 0.237, down -0.9bp. The US 10-year was trading at 0.71, down -1.0bp.

 

In the Asian equities, markets were trading stronger today. The Nikkei 225 was trading at 23274.13, up 0.8%. The Hang Seng was trading at 24642.0, up 0.21%. The Kospi was trading at 2401.91, up 0.74%. In the European equities, indices were trading firm today. The DAX 30 was trading at 13148.15, up 0.37%. The FTSE 100 was trading at 5977.15, up 0.67%. The Euro Stoxx 50 was trading at 3319.25, up 0.16%.

 

Looking at Equity Futures so far, the FTSE100 Futures was trading at 5971.0, up 0.61%. The Euro Stoxx 50 Futures was trading at 3318.0, up 0.27%. The SP500 Futures was trading at 3438.38, down -0.04%.

 

In the Energy space, Oil futures were trading weaker today. The Brent Crude Futures was trading at 41.86, down -0.36%. The WTI Crude Futures was trading at 38.91, down -0.74%.

 

In terms of data releases today, we have already seen Australian NAB Business Confidence for August (Actual -8 v Forecast -18) plus July data from Germany with Balance of Trade (Actual €19.2B v Forecast €22B), Imports MoM s.a. (Actual 1.1% v Consensus 3.3%), Exports MoM s.a. (Actual 4.7% v Consensus 5%) and Current Account (Actual €20.0B v Forecast €22.9B).

 

Looking forward to the morning session, we have EA data at 09:00 GMT with GDP Growth Rate QoQ 3rd Est Q2 (Previous -3.6% v Forecast -12.1%) and YoY 3rd Est Q2 (Previous -3.1% v Forecast -15%) plus Employment Change QoQ Final Q2 (Previous -0.2% v Forecast -2.8%) and YoY Final Q2 (Previous 0.4% v Forecast -2.9%). South African GDP Growth Rate QoQ Q2 (Previous -2% v Forecast -40%) and YoY Q2 (Previous -0.1% v Forecast -18%) are released at 09:30 GMT.

 

US IBD/TIPP Economic Optimism for September (Previous 46.8 v Forecast 47) is released at 14:00 GMT, then later this evening we have South Korean Unemployment Rate for August (Previous 4.2% v Forecast 4.2%) which is released at 23:00 GMT.

 

10-Year Yields Daily Chart (1-month)

 
 

Daily FX Pivots

 
 

Brent Crude Daily Chart (1-month)

 
 

Forex Chart and Technical Analysis

 

EURUSD Chart (Two-week)

 
 

Strategy: Resistance at 1.1838 for 1.1788
Short-term view: EURUSD resistance comes in at 1.1838 MACD and RSI have a bearish bias. Hence, we see a dip to 1.1788 enter at 1.1822. Above 1.1838 to open 1.1862

 

GBPUSD Chart (Two-week)

 
 

Strategy: Resistance at 1.3195 for 1.3111
Short-term view: GBPUSD resistance comes in at 1.3195 MACD and RSI have a bearish bias. Hence, we see a dip to 1.3111 enter at 1.3167. Above 1.3195 to open 1.325

 

USDJPY Chart (Two-week)

 
 

Strategy: Resistance at 106.4 for 106.01
Short-term view: USDJPY MACD and RSI are flat but resistance comes in at 106.4 and we see a dip to 106.01 enter at 106.27. Above 106.4 to open 106.52

 

AUDUSD Chart (Two-week)

 
 

Strategy: Support at 0.7282 for 0.7311
Short-term view: AUDUSD support comes in at 0.7282 MACD and RSI have a bullish bias. Hence, we see a bounce to 0.7311 enter at 0.7292. Below 0.7282 to open 0.7265

 
 
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