7Mar

IForex Market Trading Signals and News – 07 March 2016

INTERNATIONAL CURRENCY BUZZ :

  • Forex – Pound slides lower against stronger greenback
  • Forex -Dollar mostly higher ahead of U.S. jobs report
  • Forex -Dollar firms before U.S. payrolls data

EUR/USD
EUR/USD keeps its march north intact on Friday, now trading at shouting distance from the psychological handle at 1.10.The pair has resumed yesterday’s upside momentum, this time propped up by an abrupt leap to session highs in EUR/GBP in response to an increased offered tone around the sterling.Next on tap for the pair will be the release of US Non-farm Payrolls, expected at 190K during February, with the jobless rate staying put at 4.9%. EUR/USD is trading at 1.0950 in Friday’s European session, after posting strong gains on Thursday. On the release front, the sole Eurozone release is Retail PMI. It’s a busy day in the US, with four key events, led by Nonfarm Employment Change. The markets are expecting a strong turnaround in the upcoming release, with an estimate of 195 thousand.

GBP/USD
The pound slid lower against the U.S. dollar on Friday, as sentiment on the greenback improved ahead of highly anticipated data on U.S. nonfarm payrolls due later in the day. GBP/USD hit 1.4130 during European morning trade, the session low; the pair subsequently consolidated at 1.4136, shedding 0.27%.Cable was likely to find support at 1.4029, Thursday’s low and resistance at 1.4320, the high of February 22. The dollar weakened on Thursday after a string of downbeat U.S. data dampened optimism over the strength of the economy. The Institute of Supply Management reported that its non- manufacturing purchasing manager’s index fell more-than-expected last month.

RECOMMENDATION :

  • BUY GBP/USD ABOVE 1.4180 TARGET 1.4200 1.4240 SL 1.4140
  • SELL GBP/USD BELOW 1.4100 TARGET 1.4080 1.4040 SL 1.4140

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