24Apr

Forex Market Trading Signals and News of 24th April 2014

➔ Forex – Euro extends gains after euro zone PMI surveys
➔ Forex – USD/CAD modestly higher after Canadian retail sales
➔ Forex – AUD/USD drops to 2-1/2 week lows after Australian data

USD/CAD
USD/CAD was last trading at 1.1042, up from 1.1028 ahead of the data.The pair was likely to find support at 1.0999, Tuesday’s low and resistance at 1.1075.The pair showed a muted reaction after Statistics Canada reported that retail sales rose 0.5% in February, in line with analysts’ forecasts, slowing from a downwardly revised increase of 0.9% in January.Core retail sales, which exclude automobile sales, rose 0.6%, in line with expectations.The pair has traded in a relatively narrow range this week, with the greenback supported by indications that the U.S. economy is recovering. The loonie, as the Canadian dollar is also known, remained
softer as the Bank of Canada’s dovish stance weighed

EUR/USD
EUR/USD hit highs of 1.3845, the strongest since April 17 and was last up 0.26% to 1.3841.
The pair was likely to find support at 1.3784, Tuesday’s low and resistance at 1.3865.The euro zone manufacturing purchasing managers’ index rose to 53.3 this month from 53.0 in March, compared to expectations for an unchanged reading.The bloc’s services PMI rose to 53.1 from 52.2 the previous month, better then forecasts for 52.4.The recovery in the euro zone’s largest economy accelerated this month, with activity in both the manufacturing and service sector strengthening.Germany’s manufacturing PMI rose to 54.2 from 53.7 in March, ahead of expectations for a reading of 54.0. The country’s services PMI increased to 55.0 from 53.0,
better than the 53.4 forecast by analysts.But growth in the French private sector lost momentum this month,with the country’s manufacturing PMI falling to 50.9 from 52.1 in March, and weaker than the 51.9 expected by analysts.

RECOMMENDATION :-

1. Buy GBP/USD Above 1.6820- TG: 1.6840/ 1.6870 SL 1.6784
2. Sell GBP/USD Below 1.6770- TG: 1.6750/ 1.6720 SL 1.6805

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