16Oct
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IForex Market Trading Signals and News – 16 October 2015

INTERNATIONAL CURRENCY BUZZ :

  • FOREX -Kiwi climbs to 3-month highs vs. weaker greenback
  • FOREX -Dollar at 7-week lows amid doubts over 2015 Fed rate hike
  • FOREX -Aussie gains on mixed jobs data as unemployment drops

EUR/USD
The euro turned lower against the dollar on Thursday, retreating from seven-week highs after European Central Bank policymaker Ewald Nowotny said fresh measures to bolster price growth in the euro zone are needed. EUR/USD was last down 0.29% to 1.1439 after rising to highs of 1.1496 earlier, the strongest since August 26. The drop in the single currency came after Nowotny, who is a member of the ECB’s governing council said new efforts to boost inflation are needed. Nowotny said that both headline and core inflation in the euro area are “clearly” undershooting the ECB’s target. The dollar weakened broadly on Wednesday after data showing that retail sales edged up 0.1% last month after being flat in August, while core retail sales, which strip out auto sales, fell 0.3%. The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was last at 94.02 after falling to lows of 93.84 overnight, the lowest level since August 26.

GBP/USD
The GBP/USD pair trades flat at 1.5490, oscillating in a narrow range in recent dealing. The major is currently gathering pace to storm through the 1.55 handle and beyond, as the upbeat sentiment in response to the solid rebound in the European stocks, continues to favour the riskier currencies. The pair failed for the fourth time since pre-European open to extend gains beyond the solid barrier placed at 1.55 handle. This may be due to minor-recovery in the greenback, which caps the upside in the cable. Looking ahead, the major will be influenced the US CPI and Philly Fed manufacturing data due later today. While sentiment on the European and US markets will also play a crucial role. The pair has an immediate resistance at 1.5500/02 (round number & Todays High) above which gains could be extended to 1.5531 (Sept 21 High & H1 R3). On the flip side, support is seen at 1.5354 (hourly 50-SMA) below which it could extend losses to 1.5300 (hourly 200-SMA).

RECOMMENDATION :

  • BUY GBP/USD ABOVE 1.5510 TARGET 1.5530 1.5570 SL 1.5470
  • SELL GBP/USD BELOW 1.5440 TARGET 1.5420 1.5380 SL 1.5470

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