INTERNATIONAL CURRENCY BUZZ :
- Forex – Aussie holds steady, kiwi gains ground with Yellen in focus
- Forex -Dollar pushes higher ahead of Yellen speech
- Forex-Yen under pressure, U.S. data disappoints dollar bulls
EUR/USD is showing limited movement on Tuesday, as the pair trades at 1.1180 in the European session. On the release front, Eurozone M3 Money Supply remained steady at 5.0%, while Private Loans improved to 1.6%. Over in the US, CB Consumer Confidence is forecast to climb to 93.9 points. Federal Reserve Janet Yellen will deliver remarks at the Economic Club in New York City. US economic growth in the fourth quarter was respectable, but there are signs that we could see softer numbers for the first quarter of 2016. The Atlanta Fed downgraded its forecast for Q1 from 1.4 percent to 0.6 percent. The original forecast, released just last week, was lowered in response to a downgraded forecast of personal income and outlays by the US Bureau of Economic Analysis.
The recovery back above the rising March trendline might mark the end of the pullback from $1.45. We have certainly seen a steady march higher, with $1.41 providing support for the pair.Today’s dip below the trendline may mark another possible buying opportunity, and a breakout above $1.4270 should see gains towards $1.4330 and then $1.4450. Currency pair GBP/USD began to increase, the pound rose above the level of 1.4250. The RSI indicator is rising after a rebound from the support level. The main aim to strengthen the sterling remains at the upper boundary of the descending channel. Thus, the forecast GBP/USD on 29.03.2016 includes securing the pair above the 1.4300 mark and continued growth.
- BUY GBP/USD ABOVE 1.4298 TARGET 1.4318 1.4348 SL BELOW 1.4268
- SELL GBP/USD BELOW 1.4215 TARGET 1.4195 1.4165 SL ABOVE 1.4245