9Feb
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IForex Market Trading Signals and News – 09 February 2016

INTERNATIONAL CURRENCY BUZZ :

  • Forex -AUD/USD rises but gains seen limited
  • Forex -NZD/USD edges higher in late trade
  • Forex – Dollar higher against yen, euro steady

EUR/USD
The shared currency has quickly reverted the advance to the 1.1180 area vs. the dollar, with EUR/USD now dropping to session lows near 1.1120.The greenback has now gathering further pace and testing daily highs when measured by the US Dollar Index, rapidly sending spot lower and forcing the euro to fade the earlier spike to the boundaries of 1.1200 the figure.In the meantime, the current slump of crude oil prices continue to weigh on sentiment, exacerbated by a negative performance of European equities.On the data front, Investor’s Confidence tracked by the Sentix index has missed expectations for the current month, while the Fed’s Labor Market Conditions Index is due later in the NA session. The pair is now retreating 0.20% at 1.1127 and a breach of 1.1054 (200-day sma) would open the door to 1.0959 (100-day sma) and finally 1.0888 (55-day sma). On the flip side, the next up barrier lines up at 1.1246 (high Feb.5) ahead of 1.1496 (high Oct.15) and finally 1.1713 (post- PBoC high Aug.24).

GBP/USD
The sterling is intensifying its bearish tone today, now rapidly dragging GBP/USD to visit the 1.4400 neighbourhood. The pair shed more than a cent since today’s peaks in the 1.4550 area in response to a better sentiment surrounding the US dollar, which has managed to revert the initial offered tone. The British pound remains under pressure despite last week’s recovery, all against the back- drop of ‘Brexit’ concerns, a dovish BoE and expectations of a rate hike later than initially estimated. As of writing the pair is down 0.64% at 1.4408 with the next support at 1.4353 (23.6% Fibo of 1.5240-1.4079) followed by 1.4147 (low Jan.29) and then 1.4079 (low Jan.20). On the other hand, a breakout of 1.4670 (high Feb.4) would aim for 1.4706 (55-day sma) and finally 1.4796 (61.8% Fibo of 1.5240-1.4079).

RECOMMENDATION :

  • BUY GBP/USD ABOVE 1.4470 TARGET 1.4490 1.4520 SL 1.4445
  • SELL GBP/USD BELOW 1.4390 TARGET 1.4370 1.4345 SL 1.4415

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