9Nov

IForex Market Trading Signals and News – 09 November 2015

INTERNATIONAL CURRENCY BUZZ :

  • FOREX -Dollar hits fresh 3-month highs ahead of U.S. jobs data
  • FOREX -Euro fall past $1.08 hangs on U.S. payroll numbers
  • FOREX -Dollar higher vs. euro, yen ahead of U.S. jobs data

EUR/USD
The EUR/USD pair trades -0.13% lower at 1.0867, now testing session lows struck at 1.0863 pre-European open. The main currency pair failed to surpass 1.0885-90 barrier on yet another occasion and met fresh supply thereon, now heading towards Wednesday’s lows.Stabilizing European stocks and fresh rally seen in the US dollar led to the sudden decline in the EUR/USD pair in last hours. As we get closer to the US labour market report, the bid tone on the USD is expected to keep growing bigger, with markets anticipating stronger jobs data (above 180k exp.) to confirm a Dec Fed rate hike. The pair remains below 1.09 handle with the next hurdle in sight at 1.0921 (5-DMA) from there to 1.0958/67 (10-DMA/ Nov 4 High). While to the downside, the immediate support is seen at 1.0842/32 (Nov 4 & 5 low). Selling pressure will intensify below the last, dragging the pair towards 1.0805/00 (daily S2/ psychological levels).

GBP/USD
The pound fell to one-month lows against the U.S. dollar on Friday, despite the release of upbeat U.K. economic reports as demand for the greenback remained broadly supported ahead of highly-anticipated U.S. jobs data due later in the day.GBP/USDhit 1.5164 during European morning trade, the pair’s lowest since October 6; the pair subsequently consolidated at 1.5164, shedding 0.30%. Cable was likely to find support at 1.5137, the low of October 6 and resistance at 1.5247, the high of October 6.Meanwhile, the dollar remained supported after Fed Chair Janet Yellen said on Wednesday that a December rate hike is a “live possibility,” depending on the data. Investors were turning their attention to Friday’s U.S. nonfarm payrolls report for further indications on the strength of the job market. Sterling was also lower against the euro, with EUR/GBP adding 0.18% to 0.7169.

RECOMMENDATION :

  • BUY GBP/USD ABOVE 1.5055 TARGET 1.5075 1.5105 SL 1.5025
  • SELL GBP/USD BELOW 1.5025 TARGET 1.5005 1.4975 SL 1.5055

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