19May
Forex Signals

IForex Market Trading Signals and News of 19th May 2014

TRADING TIPS

USD/CAD
GBP/USD hit 1.6841 during U.S. morning trade, the pair’s highest since May 14; the pair subsequently consolidated at 1.6832, rising 0.24%.Cable was likely to find support at 1.6733, Thursday’s low and resistance at 1.6902, the high of May 12.In a preliminary report, the University of Michigan said its consumer sentiment index fell to 81.8 in May, from a reading of 84.1 the previous month,compared to expectations for a rise to 84.5.Earlier Friday, official data showed that U.S. building permits rose 8% to 1.080 million units last month, from an upwardly revised 1.000 million in March. Analysts had expected building permits to rise to 1.010 million units in April.The report also showed that building starts rose to 1.072 million units in April, from 0.947 million in March, whose figure was revised up from a previously estimated 0.946 million. Analysts had expected building starts to rise to 0.980 million units last month.Meanwhile, the pound remained under pressure.

EUR/USD
EUR/USD down 0.01% to 1.3710.In a preliminary report, the University of Michigan said its consumer sentiment index fell to 81.8 in May, from a reading of 84.1 the previous month, compared to expectations for a rise to 84.5.Earlier Friday, official data showed that U.S. building permits rose 8% to 1.080 million units last month, from an upwardly revised 1.000 million in March. Analysts had expected building permits to rise to 1.010 million units in April.The report also showed that building starts rose to 1.072 million units in April, from 0.947 million in March, whose figure was revised up from a previously estimated 0.946 million. Analysts had expected building starts to rise to 0.980 million units last month.

RECOMMENDATION:

1. Buy GBP/USD Above 1.6840- TG: 1.6860/ 1.6890 SL 1.6810
2. Sell GBP/USD Below 1.6795- TG: 1.6775/ 1.6745 SL 1.6825

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