6May

IForex Market Trading Signals and News of 06th May 2014

TRADING TIPS

GBP/USD
GBP/USD hit 1.6853 during U.S. morning trade, the pair’s lowest since May 2; the pair subsequently consolidated at 1.6863, edging down 0.08%.Cable was likely to find support at 1.6807, the low of April 30 and resistance at 1.6922, the high of May 1 and a five-year high.In a report, the Institute of Supply Management said its non-manufacturing purchasing managers’ index rose to a five-month high of 55.2 in April, from a reading of 53.1 in March, compared to expectations for a rise to 54.1.The data came after official data on Friday showed that the U.S. economy added 288,000 jobs in April, well above expectations for jobs growth of 210,000, while the unemployment rate dropped to a five-and-a-half year low of 6.3%.

EUR/USD
EUR/USD hit 1.3886 during U.S. morning trade, the pair’s highest since April 30; the pair subsequently consolidated at 1.3878, inching up 0.06%.The pair was likely to find support at 1.3812, the low of May 2 and resistance at 1.3905, the high of April 11.In a report, the Institute of Supply Management said its non-manufacturing purchasing managers’ index rose to a five-month high of 55.2 in April, from a reading of 53.1 in March, compared to expectations for a rise to 54.1.But the dollar remained under pressure, as Friday’s U.S. employment report showed that the labor force participation rate, which measures the proportion of people either working or looking for work, fell and wage growth weakened.In the euro zone, data earlier showed that the Sentix index of euro zone investor confidence deteriorated unexpectedly this month, falling to 12.8 from a reading of 14.1 in April. Analysts had forecast an increase to 14.2.A separate report showed that producer prices in the euro zone fell 0.2% in March from a month earlier, and were down 1.6% on a year-over-year basis.

RECOMMENDATION:

1. Buy GBP/USD Above 1.6900- TG: 1.6920/ 1.6950 SL 1.6870
2. Sell GBP/USD Below 1.6850- TG: 1.6830/ 1.6800 SL 1.6890

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