6May
forex-trading3

IForex Market Trading Signals and News – 06 May 2016

MARKET UPDATES :

  • Forex -Dollar edges higher as fears over U.S. growth ease
  • Forex -Aussie and kiwi move higher, Australian data supports
  • Forex-Sterling steady as U.K. service sector output slows

EUR/USD
The EUR/USD pair gradually extends to the downside during the mid-Asian trades, moving slightly away from 1.15 barrier, as sentiment remains mixed in Asia amid negative equities and a broadly muted US dollar. EUR/USD trades almost unchanged at fresh session lows of 1.1482, retreating from daily highs hit at 1.1494 earlier today. The main currency pair consolidates sharp declines witnessed over the past two trading session, and now meets fresh supply, taking the pair below hourly 100-SMA support located at 1.1486 levels.The EUR/USD pair stalled its minor- pullback from NY lows just ahead of 1.15 mark and resumed the downside consolidation thereon, now awaiting fresh impetus amid low volumes and minimal volatility as most major European arkets remain closed today in observance of Ascension Day.

GBP/USD
The pound held steady against the dollar on Thursday despite data showing that U.K. service sector output grew at the slowest rate in over three years in April, adding to fears that the economy is losing momentum.GBP/USD was last at 1.4506 from around 1.4477 ahead of the data.The Markit U.K. services purchasing managers’ index fell to 52.3 in April from 53.7 the previous month.It was the lowest level since February 2013 and was below economists’ expectations for a reading of 53.5. The service sector was hit by uncertainty over the European Union membership referendum on June 23, which delayed new orders and by the introduction of the new living wage which has added to cost increases for employers.

RECOMMENDATION :

  • BUY GBP/USD ABOVE1.4465 TGT 1.4485 1.4515 SL 1.4435
  • SELL GBPUSD AROUND 1.4519 -1.4517 TGT 1.4499 1.4469 SL 1.4549

For more information about Forex Signals and Market Updates, please visit EPIC RESEARCH PTE LTD.

Share this Story

About epicsingapore

Leave a Reply

Your email address will not be published. Required fields are marked *

*

© Copyright 2013, All Rights Reserved, Epic Research Pvt. Ltd.