INTERNATIONAL CURRENCY BUZZ :
- Forex – Aussie gains after China Q1 GDP matches expected 6.7% gain
- Forex – Dollar holds steady vs. euro, yen ahead of U.S. economic reports
- Forex- Aussie, kiwi gain after Chinese GDP numbers
The euro rose against the U.S. dollar on Friday, after a the release of downbeat U.S. economic reports sparked fresh concerns over the strength of the economy, dampening demand for the greenback.EUR/USD hit 1.1296 during U.S. morning trade, the pair’s highest since Wednesday; the pair subsequently consolidated at 1.1310, gaining 0.41%. The pair was likely to find support at 1.1233, Thursday’s low and a two-and -a-half week low and resistance at 1.1390, Wednesday’s high.In a preliminary report, the University of Michigan said its consumer sentiment index fell to a seven-month low of 89.7 in April from 91.0 the previous month. Analysts had expecte the index to rise to 92.0 this month.
GBP/USD is currently trading with a bearish bias. During this intraday, a strong support is seen at 1.4062, while resistance levels are seen at 1.4193, 1.4289 and 1.44061. A clear breakout above 1.4193 will accelerate an upward rally towards 1.4289. However, as long as 1.4178-1.4193 protects the upper side, expect the price to trade on the lower ranges towards 1.4062. The Cable should be traded alongside GBP/CHF, AUD/USD and AUD/JPY. These pairs have a strong positive correlation of up to +0.89 and will likely move in a similar direction during this intraday. Only buy or sell GBP/USD if the other pairs are giving the same signal.
- BUY GBP/USD ABOVE 1.4190 TARGET 1.4210 1.4240 SL 1.4160
- SELL GBP/USD BELOW 1.4140 TARGET 1.4120 1.4090 SL 1.4170