3Feb
forex-trading3

IForex Market Trading Signals and News – 03 February 2016

INTERNATIONAL CURRENCY BUZZ :

  • Forex -AUD/USD drops after RBA holds rates
  • Forex -NZD/USD moves lower amid growth concerns
  • Forex – Yen moves higher as weak oil hits market sentiment

EUR/USD
The EURUSD pair achieved new breach to 1.0890 and attempts to build support base above it, which reactivates the correctional bullish scenario on the intraday and short term basis, opening the way to achieve gains that its targets begin at 1.1005 and extend to 1.1120, which represents 61.8% Fibonacci of the last bearish wave that appears on image, which hints the importance of monitoring the price behavior when reaching this level, due to its importance to detect the next destination on the longer term basis.The EMA50 supports the expectations to rise in the upcoming sessions, while stochastic negativity might cause some sideways fluctuation before resuming the waited bullish bias, which will remain valid and active unless breaking 1.0890 level and holding below it.

GBP/USD
The pound fell to session lows against the dollar on Tuesday after data showing that activity in the U.K. construction sector slowed to a nine-month low in January, indicating a subdued start to the year in 2016.GBP/USD hit lows of 1.4328 and was last at 1.4358, off 0.51% for the day. The Markit U.K. construction purchasing managers’ index fell 55.0 last month from December’s 57.8. Economists’ had expected a more modest decline to 57.5.Softer new business growth acted as a brake on output growth and staff hiring at the start of 2016, with job creation easing to its slowest for almost two-and-a-half years.Construction firms reported the lowest business confidence since December 2014. The data came one day after a similar survey showing that U.K. factory activity grew at the fastest rate in three months in January, but new export orders fell as the strong pound weighed and firms cut staffing levels.\

RECOMMENDATION :

  • BUY GBP/USD ABOVE 1.4370 TARGET 1.4390 1.4420 SL 1.4340
  • SELL GBP/USD BELOW 1.4300 TARGET 1.4280 1.4250 SL 1.4330

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