INTERNATIONAL CURRENCY BUZZ :
- Forex -Aussie and kiwi move lower vs. greenback in late trade
- Forex -Dollar steadies before BOJ, Fed meetings
- Forex-Frazzled dollar awaits Fed guidance, Aussie takes a breather
The EUR bears loosened the grip over the last hour, allowing a minor-recovery in the EUR/USD pair from near 1.1110 region heading into the Euro zone industrial output release. EUR/USD trades -0.20% lower at 1.1130, climbing back above 5-DMA placed at 1.1125. The main currency pair moves-off lows, although struggles to recover ground as the European stocks join the global risk-on rally and brought back renewed optimism into markets, dampening the safe-haven appeal for the euro. Germany’s DAX jumps +1.83%, the UK’s FTSE gains +0.60%, while the pan-European benchmark, the Euro Stoxx 50 shoots +1.20% so far this session.
The GBPUSD pair rallied strongly to the upside to manage to touch our first main target at 1.4385, as trading settles around it now waiting to get enough positive momentum to push the price to resume the bullish wave, which its next target located at the bearish channel’s resistance at 1.4635. Therefore, we will continue to suggest the bullish trend for the upcoming sessions, supported by the EMA50 that carries the price from below, noting that holding above 1.4205 level represents the first condition to continue the expected bullish trend.
- BUY GBP/USD ABOVE 1.4380 TARGET 1.4400 1.4430 SL 1.4350
- SELL GBP/USD BELOW 1.4330 TAGET 1.4310 1.4280 SL 1.4360