19Jan
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IForex Market Trading Signals and News – 19 January 2016

INTERNATIONAL CURRENCY BUZZ :

  • Forex -NZD/USD holds steady in late trade
  • Forex -AUD/USD climbs higher after China move
  • Forex -Dollar rises against yen as yuan firms up

EUR/USD
The EUR/USD pair trades around the daily lows as the European stock markets opened on a positive note. The currency pair recovered slightly from the 5-DMA support located at 1.0875; however, the recovery is being capped on account of a 0.7% gain in the Euro Stoxx 50 index. As of now, the European investors have turned a blind eye towards the sharp drop in oil prices. The positive action in equities is capping demand for safe haven and funding currencies. The shared currency remains at the mercy of the overall market sentiment amid an empty economic calendar in Europe and US. The volumes may drop later as the US markets are closed on account of Martin Luther King holiday. The pair currently trades at 1.0880. The immediate resistance is seen at 1.0890 (38.2% of 1.1495-1.0517), above which the spot could test 1.0943 (Thursday’s high). On the other hand, a break below 1.0875 (5-DMA) would expose 1.0813

GBP/USD
It seems the sterling is recovering the smile today, lifting GBP/USD back above the 1.4300 handle to the 1.4315/20 band.The pair has managed to leave the area of multi-year lows seen last week around 1.4240, advancing at the beginning of the week to daily highs beyond the 1.4300 handle. The pair’s oversold condition following the recent sharp retracement might be acting as the main driver behind today’s correction, amidst a context favourable to the greenback and speculative positioning still net-short GBP.The pair is now up 0.37% at 1.4305 and a break above 1.4490 (downtrend from 1.5232) would open the door to 1.4626 (20-day sma) and finally 1.4947 (high Dec.24). On the flip side, the immediate support lines up at 1.4247 (low Jan.15) ahead of 1.4230 (monthly low Apr.2010) and then 1.4049

RECOMMENDATION :

  • BUY GBP/USD ABOVE 1.4300 TARGET 1.4320 1.4350 SL 1.4270
  • SELL GBP/USD BELOW 1.4270 TARGET 1.4250 1.4220 SL 1.4300

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