7Apr

IForex Market Trading Signals and News – 07 April 2016

INTERNATIONAL CURRENCY BUZZ :

  • Forex -Aussie edges higher, kiwi holds steady in late trade
  • Forex -Dollar hovering near 17-month lows against yen
  • Forex- Yen holds strong after Japan PM’s currency comments

EUR/USD
The EUR/USD pair moves in sideways and tight track settled near 1.1400, where it faces a strong resistance at 1.1420, and the price needs to breach this level to ease the mission of visiting our next main target that located at 1.1494.In general, the bullish trend scenario remains valid and active on the short term basis, organized within the bullish channel that appears in the above chart, supported by the EMA50, pointing that breaching the targeted level will extend the gains to reach 1.1650 as a next main target, while the price needs to settle above 1.1264 for the continuation of the positive expectations.Expected trading range for today is between 1.1300 support and 1.1520 resistance.

GBP/USD
The GBPUSD pair provided more of the negative trading yesterday to settle at the bullish channel’s support level that appears in the image, where it closed the daily candlestick above this support that located now at 1.4155, which keeps the chances valid for resuming the bullish trend on the intraday basis, to target visiting the main bearish channel’s resistance at 1.4465.Stochastic positivity supports our expectations to rise, taking into consideration that breaking 1.4155 level and holding below it will lead the price to achieve more of the downside moves and target 1.4000 then 1.3800 level on the near term basis. Expected trading range for today is between 1.4080 support and 1.4300 resistance.

RECOMMENDATION :

  • BUY GBP/USD ABOVE 1.4125 TARGET 1.4145 1.4175 SL 1.4095
  • SELL GBP/USD BELOW 1.4090 TARGET 1.4070 1.4040 SL 1.4120

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