5Oct

IForex Market Trading Signals and News – 05 October 2015

INTERNATIONAL CURRENCY BUZZ :

  • FOREX – Yen slightly weaker in early Asia with wages data ahead
  • FOREX – USD/CAD falls to 2-week lows after U.S. data
  • FOREX – Yen holds flat after wages gain for second straight month

GBP/USD
The pound rose against the U.S. dollar on Friday, after data showed that construction activity in the U.K. expanded at the fastest rate since March last month, while markets eyed the release of highly-anticipated U.S. employment data later in the day.GBP/USD hit 1.5174 during European morning trade, the session high; the pair subsequently consolidated at 1.5165, rising 0.22%. Cable was likely to find support at 1.5105, Thursday’s low and a nearly five-month low and resistance at 1.5213, the high of September 30.Research group Markit reported on Friday that its U.K. construction purchasing managers’ index rose to a six-month high of 59.9 in September from a reading of 57.3 in August. Analysts had expected the index to tick up to 57.5 last month.

EUR/USD
The euro erased losses against and rose to a two-week peak against the U.S. dollar on Friday, after downbeat U.S. jobs data dampened optimism over the country’s economy, sending the greenback broadly lower. EUR/USD hit 1.1315 during U.S. morning trade, the pair’s highest since September 21; the pair subsequently consolidated at 1.1315, jumping 1.08%.The pair was likely to find support at 1.1136, the session low and resistance at 1.1332, the high of September 21.The U.S. Labor Department reported that the economy added 142.000 jobs in September, confounding expectations for an increase of 203.000. The U.S. created 136.000 jobs in August, whose figure was revised from a previously estimated gain of 173.000.

RECOMMENDATION :

  • BUY GBP/USD ABOVE 1.5230 TARGET 1.5250 1.5280 SL 1.5200
  • SELL GBP/USD BELOW 1.5200 TARGET 1.5180 1.5150 SL 1.5230

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