29May
forex-market-hours

IForex Market Trading Signals and News of 29th May 2014

TRADING TIPS

➔Forex – USD/CAD steady near 2-week lows
➔Forex – Euro drops to fresh 3-month lows against dollar
➔Forex – Pound extends losses against dollar

EUR/USD
➔EUR/USD hit lows of 1.3605, the weakest since February 13 and was last down 0.21% to 1.3607.The pair was likely to find support at 1.3575 and resistance at 1.3636, the session high.The euro has weakened broadly against the other major currencies, falling more than 2% against the dollar since the ECB indicated at its May 8 meeting that it is comfortable with easing monetary policy in June to help shore up the fragile recovery in the region.On Tuesday, ECB President Mario Draghi said the bank was aware of the risks of persistently low inflation and was prepared to take steps to get euro zone inflation back to its target, the latest indication that the bank could ease monetary policy as soon as next week.The annual rate of euro zone inflation was 0.7% in April, well below the ECB’s target of close to but just below 2%.

USD/CAD
➔USD/CAD was almost unchanged at 1.0857, not far from Tuesday’s two-week lows of 1.0835.The pair was likely to find support at 1.0815, the low of May 9 and resistance at 1.0900.Market sentiment continued to be underpinned after data on Tuesday showed that U.S. durable goods orders rose unexpectedly in April and another report showed that U.S. consumer confidence improved in line with forecasts this month.The Commerce Department said orders for long lasting manufactured goods rose 0.8%, compared to expectations of a 0.7% decline.Separately, the Conference Board reported that its consumer conference index rose to 83 in May, up from a revised 81.7 in April, in line with economists’ expectations.Risk appetite was also boosted by mounting expectations that the European Central Bank will implement new easing measures at its upcoming policy meeting next week, in order to shore up the fragile recovery in the euro zone.

RECOMMENDATION:-

1. Buy GBP/USD Above 1.6770- TG: 1.6790/ 1.6820 SL 1.6740
2. Sell GBP/USD Below 1.6690- TG: 1.6670/ 1.6640 SL 1.6720

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