29Oct

IForex Market Trading Signals and News – 29 October 2015

INTERNATIONAL CURRENCY BUZZ :

FOREX -Dollar edges up as Fed statement looms
FOREX -NZD/USD falls ahead of Fed, RBNZ statements
FOREX -AUD/USD drops to 1-month lows on Australian inflation data

EUR/USD
EUR/USD treaded water during the session . The range of trading did not exceed 50 pips, while important US fundamentals failed to provide this currency pair with any momentum. Bears want to push the cross below monthly S1 at 1.1022, but they will have to overcome the long term downtrend at first. As the US is heading towards FOMC meeting later on Wednesday, EUR/USD will most likely remain vulnerable to any influential events. In case more members decide to vote for a rate hike, we may see the cross trading below 1.10. Meanwhile, daily indicators prefer to stay neutral at the moment.

GBP/USD
The GBP/USD pair fell during the course of the day on Tuesday, but did bounce a little bit towards the end. Nonetheless, this looks like a market that although soft, isn’t quite ready to go anywhere yet. We believe that the market continues to go back and forth during the course of the next several sessions, thereby making it almost impossible to trade at this point in time. The 1.52 level below is massively supportive, while the 1.55 level above is massively resistive. Because of this, we are actually going to step to the sidelines. Moreover, rebounding oil prices and solid gains on the UK’s FTSE index also boosts the sentiment around the British pound, keeping GBP/USD supported. Meanwhile, the major continues to track the broader sentiment with the focus now shifting to the much awaited FOMC decision.

RECOMMENDATION :

  • BUY GBP/USD ABOVE 1.5320 TARGET 1.5340 1.5380 SL 1.5282
  • SELL GBP/USD BELOW 1.5250 TARGET 1.5210 1.5170 SL 1.5290

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