23May

IForex Market Trading Signals and News of 23 May 2014

TRADING TIPS

EUR/USD

EUR/USD was at 1.3670, 0.11% lower for the day, after falling as low as 1.3654 earlier, not far from the two-and- a-half month trough of 1.3633 reached on Wednesday The pair was likely to find support at 1.3654 and resistance at 1.3710.The euro backed off session lows after data released on Thursday showed that manufacturing activity in the region expanded at the slowest rate in six months in May, but the region’s service sector expanded at the fastest rate in almost three years.The euro zone flash manufacturing purchasing managers’ index slid to 52.5 this month, from 53.4 in April, Survey compiler Markit said, compared to expectations of 53.2.The bloc’s services PMI rose to a 35-s

USD/CAD

USD/CAD touched session highs of 1.0930 and was last at 1.0909, just 0.06% higher for the day.The pair was likely to find support at 1.0890 and resistance at 1.0940, Wednesday’s high.The pair had a muted reaction after the Labor Department reported that the number of people filing for initial jobless benefits last week increased by 28,000 to 326,000 from the previous week’s revised total of 298,000.Analysts had expected jobless claims to rise by 12,000 to 310,000.The report came after Wednesday’s minutes of the Federal Reserve’s April meeting indicated that the bank continues to see a slow improvement in the economy, but reiterated that rates are likely to remain on hold at record lows for some time after its asset purchase program ends.

RECOMMENDATION :-

1. Buy GBP/USD Above 1.6925- TG: 1.6945/ 1.6975 SL 1.6890

2. Sell GBP/USD Below 1.6850- TG: 1.6830/ 1.6800 SL 1.6880

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