27May

IForex Market Trading Signals and News of 27th May 2014

TRADING TIPS

➔Forex – Euro steady after Draghi comments
➔Forex – AUD/USD edges higher but gains capped
➔Forex – Dollar steady to lower vs. rivals in thin trade

EUR/USD
➔EUR/USD hit lows of 1.3615, the weakest since February 13 and was last at 1.3641.The pair is likely to find support at 1.3575 and   resistance at 1.3658, Friday’s high.Draghi said the ECB is ready to act should it see signs of a negative inflation spiral taking hold, and indicated that the bank is weighing a wide range of policy options, including interest rate cuts, and liquidity injections or broad-based asset purchases to help shore up the fragile recovery in the euro area.”What we need to be particularly watchful for at the moment is the potential for a negative spiral to take hold between low inflation, falling inflation expectations and credit, in particular in stressed countries,”Draghi said.”There is a risk thatdisinflationary expectations take hold,” prompting consumers and businesses to delay spending. “We are not resigned to allowing inflation to remain too low for too long,” he added.The comments were made at the new ECB annual conference in Sintra, Portugal.

AUD/USD
➔AUD/USD hit 0.9245 during late Asian trade, the session high; the pair subsequently consolidated at 0.9241, adding 0.11%.The pair was likely to find support at 0.9275, the low of May 1 and resistance at 0.9290, the high of May 5.The greenback found support after data on new home sales on Friday added to signs of a recovery in the housing market.
The Commerce Department reported that sales of new homes rose by a larger-than-expected 6.4% to 433,000 in April, after two months of decline. Analysts had been expecting a figure of 425,000. March’s number was revised up from 384,000 to 407,000.

RECOMMENDATION:-

1. Buy GBP/USD Above 1.6860- TG: 1.6880/ 1.6910 SL 1.6828
2. Sell GBP/USD Below 1.6800- TG: 1.6780/ 1.6750 SL 1.6830

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