29Sep
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IForex Market Trading Signals and News – 29 September 2014

TRADING TIPS :

  • Forex-Dollar steady, near 4-year peak ahead of U.S. data.
  • Forex-Asian Currencies Decline for Fourth Week on Fed Rate Outlook .
  • Forex-Joining Euro Risks Denting Lithuania’s Fiscal Resolve: Economy.

EUR/USD
EUR/USD hit 1.2738 during late Asian trade, the session low; the pair subsequently consolidated at 1.2742, dipping 0.06%.The pair was likely to find support at 1.2660 and resistance at 1.2864, the high of September 24.The euro remained under pressure after data showed that the Gfk German consumer climate index ticked down to 8.3 this month, from a reading of 8.6 in August. Analysts had expected the index to slip to 8.5.The report added to concerns over the outlook for growth in the euro zone’s biggest economy as data on Wednesday showed that Germany’s Ifo business confidence index deteriorated for the fifth successive month in September.

GBP/USD
GBP/USD hit 1.6286 during European morning trade, the session low; the pair subsequently consolidated at 1.6315, easing 0.01%.Cable was likely to find support at 1.6244, the low of September 18 and resistance at 1.6416, the high of September 24.Demand for the dollar remained supported by mounting expectations for an early U.S. rate hike.Dallas Federal Reserve President Richard Fisher signalled on Thursday that the U.S. central bank may start raising interest rates around the spring of 2015.The pound had strengthened earlier in the week as investor focus returned to the outlook for U.K. monetary policy in the wake of last week’s Scottish independence referendum.

RECOMMENDATION :

1. Buy EUR/USD Above 1.2745-TG:1.2765/1.2795 SL 1.2715
2. Sell EUR/USD Below 1.2672-TG:1.2652/1.2622 SL 1.2702

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