6Nov
forex-trading3

IForex Market Trading Signals and News – 06 November 2015

INTERNATIONAL CURRENCY BUZZ :

  • FOREX -AUD/USD almost unchanged in late trade
  • FOREX -NZD/USD holds steady near 1-month lows
  • FOREX -Dollar steady near 3-month highs after Fed remarks

EUR/USD
The EUR/USD pair extended its decline down to 1.0833, bouncing from the level early Europe, as stocks opened with a negative tone and Swiss CPI readings came out better-than-expected, triggering spikes in all of the European currencies. pair trades near its daily high, set at 1.0891, ahead of the release of the EU Retail Sales, expected to have advanced 0.2% in September. Nevertheless, the technical picture suggests that the current recovery is barely a correction in the middle of its bearish trend, given that the price remains well below a sharply bearish 20 SMA, whilst the technical indicators are bouncing from oversold readings, as seen in the 4 hours chart. The upward corrective movement can extend above 1.0900, towards the 1.0960 price zone, and even up to 1.1000, should the greenback remain under pressure, particularly because the pair has tested a major long term static support. However, the bearish trend remains firm in place, and selling at higher levels is still seen as an attractive trade.

GBP/USD
The British Pound trades pretty much flat against the greenback below the 1.5400 level, as the market waits for the Bank of England decision and the Inflation Report. An early spike beyond the key level was quickly reverted, indicating high expectations ahead of the news. The UK released its Hali-fax House Prices, which were 2.8% higher in the three months to October, than in the previous three months. The annual rate increased from 8.6% in September to 9.7% he technical picture is neutral-to bearish ahead of the BOE, as the 4 hours chart shows that the price develops below a bearish 20 SMA, whilst the technical indicators remain flat in negative territory. Nevertheless, the upcoming moves depend solely on the Central Bank announcement, and a hawkish stance may well fuel the pair beyond 1.5410, with the next intraday resistances at 1.5455 and 1.5500.

RECOMMENDATION :

  • BUY GBP/USD ABOVE 1.5400 TARGET 1.5420 1.5450 SL 1.5370
  • SELL GBP/USD BELOW 1.5375 TARGET 1.5355 1.5325 SL 1.5405

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