20Oct

IForex Market Trading Signals and News – 20 October 2015

INTERNATIONAL CURRENCY BUZZ :

  • FOREX -Aussie down after mixed China data, GDP beats expectations
  • FOREX -Dollar firm on Fed hike prospects, Aussie inches up after China GDP
  • FOREX -Kiwi slips lower against greenback

EUR/USD
The EUR/USD pair rises 0.20% to 1.1370, hovering near fresh session highs reached at 1.1372 last minutes. The major extends its recovery from the Chinese GDP induced drop to the hourly 200-SMA (near 1.1350) and is currently heading towards the daily highs recorded at 1.1379 in early Asia. The EUR/USD pair edges higher this session as the risk-on sentiment spurred by the better than expected Chinese growth numbers fades, with all the Asian indices returning to the red zone. The Nikkei dives deeper in the red, -0.95% while China A50 index losing -0.32%.Meanwhile, the pair will be influenced by the broader market sentiment in absence of no relevant economic data due today. While the trading is expected to remain light as the main focus now remains the key ECB meeting and Draghi’s words due later this week.

GBP/USD
The GBP/USD pair trades 0.17% higher at 1.5467, having found good support near 5-DMA located at 1.5454. The major extends its choppy-trend into the mid-European trades, reversing brief downward spike to 1.5450 levels and now looks to revisit daily highs recorded at 1.5481 in last hours. The pound continues to ride higher versus the US dollar on Monday, as markets continue to cheer last week’s labour data from the UK ahead of Tuesday’s BOE Governor Carney speech. However, further upmoves remain capped amid broad based US dollar rebound as risk-sentiment returned with higher European indices. The USD index gains 0.17% to 94.93. Amid a data-light trading calendar, traders await today’s Fed speakers, including speeches from Lael Brainard and Jeffrey Lacker, with both currently voting members this year.

RECOMMENDATION :

  • BUY GBP/USD ABOVE 1.5480 TARGET 1.5500 1.5530 SL 1.5450
  • SELL GBP/USD BELOW 1.5430 TARGET 1.5410 1.5370 SL 1.5460

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