8Dec
Forex Signals

IForex Market Trading Signals and News – 08 December 2015

INTERNATIONAL CURRENCY BUZZ :

  • Forex – AUD/USD edges lower despite positive Australian data
  • Forex – Kiwi drops against broadly stronger greenback
  • Forex – Dollar higher as U.S. jobs report supports rate hike view

EUR/USD
The dollar trades generally higher across the board this Monday, with the EUR/USD pair trading at its lowest since last Thursday. Further improvement in the US labor market, as reported last Friday, keeps the FED in the path towards a rate hike later this month. The dollar advanced during the Asian session, and accelerates its advance in the European morning, as local share markets open higher. In the macro calendar, Germany released its industrial production figures for October, which was up by 0.2% from the previous month decrease of 1.1%, but below market’s expectations of a 0.7% advance. Later today, the US will release its November labor market conditions and the consumer credit figures for October, which may help the greenback in advancing further.

GBP/USD
The GBP/USD pair bounces softly from a daily low established at 1.5053, on the back of the dollar’s recovery, but maintains a bearish tone this Monday, with no macroeconomic data in the UK. The greenback is on demand ever since the day started, and seems poised to continue grinding higher all through the day, particularly against its European rivals. From a technical point of view, the 4 hours chart shows that the price is nearing a flat 20 SMA around 1.5050, the immediate support, whilst the technical indicators head lower from overbought territory, supporting further declines on a break below the mentioned support, towards the 1.5000 level. A break below this last seems unlikely for the upcoming 24 hours, yet if selling interest continues pushing lower, 1.4960 is then a probable bearish target.

RECOMMENDATION :

  • BUY GBP/USD ABOVE 1.5090 TARGET 1.6110 1.6140 SL 1.5060
  • SELL GBP/USD BELOW 1.5040 TARGET 1.5020 1.4990 SL 1.5060

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