TRADING TIPS :
- Forex-Dollar slips lower on profit-taking.
- Forex-AUD/USD edges higher but gains limited.
- Forex-EUR/USD hits fresh 11-month lows on Gfk report.
GBP/USD hit 1.6575 during European morning trade, the session high; the pair subsequently consolidated at 1.6578, adding 0.17%.Cable was likely to find support at 1.6537, the session low and a five-month low and resistance at 1.6599, the high of August 25.The dollar found support on Tuesday after the Conference Board said its index of consumer confidence rose to 92.4 this month, the highest since October 2007, from a reading of 90.3 in July.The data fuelled further optimism over the strength of the U.S. economic recovery.Last week, Federal Reserve Chair Janet Yellen said at Jackson Hole that the U.S. economy is recovering and added the labor market is improving as well.
EUR/USD was steady at 1.3170 during late Asian trade, the pair’s lowest since September.The pair was likely to find support at 1.3105 and resistance at 1.3215, Tuesday’s high.Data showed that the Gfk German consumer climate index fell to 8.6 this month, from a reading of 9.0 in July. Analysts had expected the index to remain unchanged in August.Meanwhile, the dollar remained supported after the Conference Board on Tuesday said its index of consumer confidence rose to 92.4 this month, the highest since October 2007, from a reading of 90.3 in July.
1. Buy EUR/USD Above 1.3203 -TG:1.3223/1.3253 SL 1.3173
2. Sell EUR/USD Below 1.3129-TG: 1.3109/1.3089 SL 1.3159