30May

IForex Market Trading Signals and News of 30th May 2014

TRADING TIPS :

➔Forex – USD/CAD hits session lows after Canadian, U.S. data
➔Forex – Dollar at 1-week lows against yen ahead of U.S. data
➔Forex -Dollar index off lows after mixed U.S. data

USD/JPY
➔USD/JPY touched lows of 101.47, the weakest since May 22 and was last down 0.27% to 101.57.The pair was likely to find support at 101.34 and resistance at 102.02, Wednesday’s high.The yield on U.S. 10-year Treasury notes fell to 2.42% on Thursday, the lowest since July 2013, amid ongoing uncertainty over the outlook for the global economic recovery.The dollar -yen pair is very sensitive to fluctuations in U.S. treasury yields.Revised data on U.S. gross domestic product scheduled for release later Thursday was expected to show that the economy contracted 0.5% in the first three months of the year, after the preliminary estimate showed growth of just 0.1%.

USD/CAD
➔USD/CAD touched lows of 1.0851 and was last down 0.15% to 1.0858.The pair was likely to find support at 1.0815 and resistance at 1.0900.Statistics Canada said the country’s current account deficit narrowed to C$12.4 billion in the first quarter from a deficit of C$15.6 billion in the preceding three months. Analysts had expected Canada’s current account deficit to narrow to C$13.0 billion.In the U.S., updated data showed that the economy slowed sharply in the first three months of the year, while a separate report showed a larger than expected decline in initial jobless claims.The Commerce Department reported that U.S. gross domestic product contracted 1.0% in the first quarter, after the preliminary estimate showed growth of 0.1%. Market expectations had been for a 0.5% contraction.

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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