2Sep

IForex Market Trading Signals and News of 02 September 2014

TRADING TIPS :

  • Forex-Russian rouble hits fresh record lows against dollar
  • Forex-Euro steady near 20-month lows vs. Swiss franc
  • Forex-AUD/USD edges higher despite Australian operating profits

NZD/USD
NZD/USD hit 0.8377 during early European trade, the session high; the pair subsequently consolidated at 0.8383, rising 0.28%.The pair was likely to find support at 0.8332, the low of August 27 and resistance at 0.8407, the high of Augst 28.Official data showed that New Zealand’s overseas trade index rose by 0.3% in the second quarter, confounding expectations for a 2.3% drop, after a 1.8% rise in the three months to April. Elsewhere, data showed that China’s manufacturing purchasing managers’ index ticked down to 51.1 in August, from a reading of 51.7 the previous month, still in expansion territory.

GBP/USD
GBP/USD hit 1.6644 during European morning trade, the pair’s highest since August 20; the pair subsequently consolidated at 1.6624, up 0.17%.Cable was likely to find support at 1.6561, the low of August 29 and resistance at 1.6678, the high of August 20.Markit research group said the U.K. manufacturing purchasing managers’ index ticked down to a 14-month low of 52.5 in August, from a downwardly revised 54.8 in July.Analysts had expected the index to rise to 55.0 last month.The report said growth in output and new orders continued to slow as market uncertainty and increasing geopolitical tensions weighed, while the pace of jobs growth in the sector also eased.

RECOMMENDATION :

1. Buy NZD/USD Above 0.8417-TG: 0.8437/0.8467 SL 0.8387
2. Sell NZD/USD Below 0.8308-TG: 0.8288/0.8258 SL 0.8338

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