11Jan

IForex Market Trading Signals and News – 11 January 2016

INTERNATIONAL CURRENCY BUZZ :

  • Forex -USD/CAD slips lower but remains near 12-1/2 year peak
  • Forex -Dollar regains strength as China volatility eases
  • Forex -Dollar regains ground vs. yen, euro on PBOC move

EUR/USD
The euro trimmed losses against the U.S. dollar on Friday, but remained under pres- sure as upbeat U.S. jobs data lent support to the greenback and as Chinese markets stabilized. EUR/USD eased off 1.0803, the session low, to hit 1.0872 during U.S. morning trade, still down 0.55%. The pair was likely to find support at 1.0769, Thursday’s low and resistance at 1.0992, the high of December 29.The dollar strengthened broadly after the U.S. Labor Department said the economy added 292.000 jobs in December, beating expectations for a rise of 200.000. The U.S. economy added 252.000 jobs in November, whose figure was revised from a previously estimated 211.000 gain.

GBP/USD
The pound was almost unchanged against the U.S. dollar on Friday, hovering close to a five-year low after the release of downbeat U.K. trade balance data. GBP/USD hit 1.4533 during European morning trade, the session low; the pair subsequently consolidated at 1.4621.Cable was likely to find support at 1.4529, Thursday’s low and a five-year low and resistance at 1.4725, the high of January 5.The U.K. Office for National Statistics said the trade deficit narrowed to £10.64 billion in November from £11.20 billion in October, whose figure was revised from a previously estimated deficit of £11.83 billion.

RECOMMENDATION :

  • BUY GBP/USD ABOVE 1.4550 TARGET 1.4570 1.4600 SL 1.4520
  • SELL GBP/USD BELOW 1.4480 TARGET 1.4460 1.4430 SL 1.4520

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