25Apr

IForex Market Trading Signals and News – 25 April 2016

INTERNATIONAL CURRENCY BUZZ :

  • Forex – Dollar holds steady vs. euro, advances against yen
  • Forex – Euro steadies after sinking on ECB’s Draghi comments
  • Forex- Yen sinks on report of Bank of Japan stimulus expansion

EUR/USD
The EUR/USD pair showed mixed trading yesterday affected by the ECB president press conference that followed the Euro rate decision that remained unchanged, as the price approached from the key resistance 1.1420, but it bounced downwards quickly to settle near 1.1264 support, and as long as the price is above this level, our positive overview will remain valid for the upcoming period, supported by stochastic move near the oversold areas. Therefore, we are waiting positive trading on the intraday and short term basis, and breaching 1.1420 level will ease the mission of heading towards 1.1494 followed by 1.1700 levels, noting that it is important to hold above 1.1264 and 1.1245 levels to achieve the suggested targets.

GBP/USD
The initial upside momentum in GBP/USD seems to have run out of steam near 1.4370, prompting the current correction to the 1.4350/45 band. GBP/USD weekly upside capped at 1.4440.Spot is so far recovering from two consecutive retracements after climbing as high as the area of 1.4440 on Thursday, or weekly peaks. The pair, however, is advancing for the second consecutive week with gains so far limited near 1.4430, where is located the 20-day sma, amidst alleviated fears on a ‘Brexit’ scenario and rising rumours of some sort of slowing in the UK economy.Nothing in the UK data space today, whereas Markit’s flash manufacturing PMI is only due across the pond.

RECOMMENDATION :

  • BUY GBP/USD ABOVE 1.4425 TARGET 1.4445 1.4475 SL 1.4395
  • SELL GBP/USD BELOW 1.4400 TARGET 1.4380 1.4350 SL 1.4430

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