26Feb
forex-market-hours

IForex Market Trading Signals and News – 26 February 2016

INTERNATIONAL CURRENCY BUZZ :

  • Forex – Dollar little changed as oil, Brexit worries dominate
  • Forex – Sterling near 7-year lows, yen holds steady
  • Forex – Aussie slips lower, kiwi holds steady in late trade

EUR/USD
The shared currency stayed put after EMU’s CPI today, with EUR/USD clinging to its daily gains around 1.1015/10 band.The pair has faded the overnight spike to daily peaks near 1.1040, giving away gains towards the 1.1000 handle as sentiment remains slightly biased towards the risk appetite. Collaborating with the upbeat sentiment, European equity markets are extending their gains after a positive open.Spot has practically ignored the final inflation figures in the euro area, with headline CPI rising 0.3% on a year to January and Core CPI up 1.0% YoY.The pair is now up 0.02% at 1.1010 with the next hurdle at 1.1048 (200-day sma) followed by 1.1112 (20-day sma) and finally 1.1220 (23.6% Fibo of December up-move). On the other hand, a break below 1.0974 (55-day sma) would expose 1.0955 (low Feb.24) and finally 1.0867 (76.4% Fibo of December up-move).

GBP/USD
The pound was trading close to seven-year lows against the dollar on Thursday as worries over a possible British exit from the European Union weighed, while the yen remained steady despite fresh falls in oil prices. GBP/USD was last at 1.3939 after falling 3.2% so far this week amid uncertainty over the outcome of the looming referendum on Britain’s EU membership. The pair it lows of 1.3877 on Wednesday, the weakest level since March 2009.Several senior members of Prime Minister David Cameron’s Conservative party, including London Mayor Boris Johnson, have said they will be backing the campaign to leave the EU, in a blow to his plans to remain in the bloc.The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was steady at 97.58.

RECOMMENDATION :

  • BUY GBP/USD ABOVE 1.3940 TARGET 1.3960 1.3990 SL 1.3910
  • SELL GBP/USD BELOW 1.3880 TARGET 1.3860 1.3830 SL 1.3910

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