29Apr

IForex Market Trading Signals and News – 29 April 2016

INTERNATIONAL CURRENCY BUZZ :

  • Forex -Yen gains most in 5 years vs euro on BOJ surprise
  • Forex -Dollar drops against rivals after Fed decision
  • Forex-Kiwi and Aussie gain ground after RBNZ and Fed hold

EUR/USD
The Euro to dollar exchange rate managed to gain strength recently and traded higher, but EUR/USD is currently facing a major resistance.The US Dollar buyers did not like the fed outcome and that is the reason why there was a minor decline in the greenback. The Euro climbed higher and broke the 200 simple moving average on the 4-hours chart.Earlier today, the German Unemployment Change report was released by the German Statistics Office. The forecast was slated for no change in April 2016, but as per the report, the German Unemployment Change came in at -16K. The report added that “According to provisional results of the employment accounts, the number of persons in employment increased by 150,000, or 0.3%, from February to March 2016, one of the reasons being the spring upturn. The increase on February was higher than the relevant average of the past five years (124,000 people)”.

GBP/USD
The GBP/USD pair advanced modestly after the London opening, spiking up to 1.4617, but is still unable to firmly settle above the 1.4600 mark, and once again retreated. The dollar is generally lower across the board, as BOJ’s inaction during Asian trading hours, fueled demand of the JPY, and put the USD under selling pressure.From a technical point of view, the 4 hours chart shows that the price has managed to bounce from a bullish 20 SMA tested earlier today, and currently at 1.4535. The technical indicators hold above their mid-lines but lack directional strength, reflecting the absence of volume in the ongoing session. the pair can rally up to the 1.4680/1.4700 region, whilst some steady gains beyond this last expose the 1.4770 price zone for the upcoming sessions.Declines towards the 1.4530/40 region should be seen as buying opportunities, with the next intraday low and a line in the sand for today, at 1.4290.

RECOMMENDATION :

  • BUY GBP/USD ABOVE 1.4638 TARGET 1.4658 1.4688 SL BELOW 1.4608
  • SELL GBP/USD BELOW 1.4544 TARGET 1.4524 1.4494 SL ABOVE 1.4574

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