30Sep

IForex Market Trading Signals and News – 30 September 2014

TRADING TIPS :

  • Forex-Dollar extends broad gains ahead of busy week.
  • Forex-Pound steady near 2-week lows against dollar .
  • Forex-Dollar gains against weaker yen, euro.

EUR/USD
EUR/USD touched lows of 1.2664, the weakest since November 2013 and was last trading at 1.2679.The euro zone was to release preliminary data on consumer prices on Tuesday ahead of the outcome of Thursday’s ECB meeting. Investors were also looking ahead to economic data from the U.S., with Friday’s nonfarm payrolls report sharply in focus after August’s report fell short of expectations. The U.S. was to release data on personal income and expenditure later Monday, followed by a report on pending home sales.The euro zone was to release preliminary data on consumer prices on Tuesday ahead of the outcome of Thursday’s ECB meeting.

GBP/USD
GBP/USD touched lows of 1.6215, the weakest since September 16 and was last down 0.13% to 1.6222.Cable was likely to find support at the 1.6200 level and resistance at around 1.6330.The US Dollar Index, which tracks the performance of the greenback versus a basket of six other major currencies, touched a four year high of 85.93, and was last up 0.06% to 85.83, after notching up its eleventh consecutive weekly gain last week.Demand for the dollar continued to be underpinned after data on Friday showed that the U.S. economy grew at an annual rate of 4.6% in the second quarter, the fastest pace in two-and-a-half years.Investors were looking ahead to economic data from the U.S., with Friday’s nonfarm payrolls report sharply in focus after August’s report fell short of expectations.

RECOMMENDATION :

1. Buy EUR/USD Above 1.2714-TG:1.2734/1.2764 SL 1.2684
2. Sell EUR/USD Below 1.2662-TG:1.2642/1.2612 SL 1.2692

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