27Apr
forex-trading3

IForex Market Trading Signals and News – 27 April 2016

INTERNATIONAL CURRENCY BUZZ :

  • Forex -Dollar slips lower vs. rivals, U.S. data ahead
  • Forex – Yen rises ahead of central bank meetings
  • Forex- Aussie holds steady, kiwi gains ground in late trade

EUR/USD
The Euro is attempting to claw its way higher after finding support above the 1.12 figure having hit a one-month low against the US Dollar. Thus far, gains appear to be corrective in the context of a larger down move that brought prices through support guiding the move higher since mid-March.Near-term support is at 1.1215, the April 25 low, with a break below that on a daily closing basis exposing the 38.2% Fibonacci retracement at 1.1103. Alternatively, a reversal above rising trend line support-turned-resistance at 1.1286 sees the next upside barrier at 1.1353, the 14.6% Fib expansion.We entered short EUR/USD at 1.1390 . Prices have now met our initial objective at 1.1241 and we have taken profit on half of the position. The remainder of the trade will remain open to capture any further weakness. The stop-loss has been adjusted to the breakeven level.

GBP/USD
The Pound keeps rallying this Tuesday, up to a fresh 2-month high against the greenback above the 1.4570 region, as investors continue to buy back the UK currency on diminished chances of a Brexit, according to latest polls..Money data coming from the UK showed that gross mortgage borrowing was 64% higher than a year ago, reaching £17.1 billion in March, whilst Mortgage Approvals were 20% higher from a year ago, but down to 45.01K from previous 45.65K, the lowest since December. Holding near the highs, the GBP/USD pair 4 hours chart shows that the technical indicators continue heading higher, despite being in overbought territory, whilst the 20 SMA heads sharply higher far below the current level, indicating the intraday rally is overstretched and that a downward corrective movement is possible.

RECOMMENDATION :

  • BUY GBP/USD ABOVE 1.4580 TARGET1.4600 1.4630 SL BELOW 1.4550
  • SELL GBP/USD BELOW 1.4550 TARGET 1.4530 1.4510 SL ABOVE 1.4580

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