3Mar
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IForex Market Trading Signals and News – 03 March 2016

INTERNATIONAL CURRENCY BUZZ :

  • Forex -Dollar rises against yen as risk appetite sharpens
  • Forex -Aussie rises on strong GDP data, kiwi holds steady
  • Forex -Yen sours as risk appetite returns, Aussie focused on GDP

EUR/USD
The EUR/USD pair keeps its stability below 1.0890 level, showing slight bearish bias in attempt to move away from the mentioned level, noticing that stochastic loses its positive momentum gradually approaching from the overbought levels, which represents negative factor that we wait to push on the price to continue the bearish bias in the upcoming period. Therefore, our bearish trend expectations will remain valid efficiently on the intraday and short term basis, supported by the negative pressure that comes from the EMA50, waiting for visiting 1.0750 level as a next main target, pointing that breaching 1.0890 level will stop the suggested negative scenario temporarily and pushes the price to test 1.1005 level initially.

GBP/USD
The pound slid to the day’s lows against the dollar on Wednesday after data showing that growth in the U.K. construction sector slowed to 10-month lows in February, on a drop in housebuilding.GBP/USD eased to 1.3932 from around 1.3945 ahead of the data. The Markit construction purchasing managers’ index fell to 54.2 from January’s 55.0. Economists had ex- pected the index to tick up to 55.5.It was the slowest increase in overall construction output since April 2015.Housebuilding expanded at the slowest pace since June 2013 and construction firms hired staff at the weakest rate in two-and-a-half years.The report came a day after a similar survey of the manufacturing sector, which showed that activity slumped to the lowest in almost three years in February.The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was close to one-month highs at 98.48.

RECOMMENDATION :

  • BUY GBP/USD ABOVE 1.4040 TARGET 1.4060 1.4090 SL 1.4010
  • SELL GBP/USD BELOW 1.3880 TARGET 1.3860 1.3830 SL 1.3910

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