9May
forex-market-hours

IForex Market Trading Signals and News – 09 May 2016

MARKET UPDATES :

  • Forex -Aussie falls as RBA eases inflation views in policy statement
  • Forex -Dollar holds steady with all eyes on nonfarm payrolls
  • Forex-Dollar edges lower as markets brace for U.S. jobs data

EUR/USD
The Euro turned lower against the US Dollar as expected, with prices producing the largest daily decline in three weeks. The move lower followed the appearance of a Shooting Star candlestick pattern after the pair found resistance above the 1.16 figure.From here, a daily close below the 23.6% Fibonacci retracement at 1.1357 opens the door for a challenge of the 38.2% level at 1.1196. Alternatively, a reversal back above support-turned-resistance at 1.1456, the 14.6% Fib, paves the way for a test of the May 3 high at 1.1616.Prices are too close to near-term support to justify entering short from a risk/ reward perspective. Furthermore, on-coming US jobs data represents pivotal event risk that may materially alter technical positioning. With that in mind, we will remain on the sidelines for the time being.

GBP/USD
The GBP/USD pair is seen trading quite choppy this NFP Friday, swinging between gains and losses amid increased uncertainty as we head towards the US jobs data release. The GBP/USD pair trades modestly flat at 1.4480, unable to beat the bears lined up at 1.45 handle. The cable eases-off highs and now wavers in a limited range, with the upside capped by 1.45 barrier, while the downside remains cushioned just ahead of 1.4450. The prices appear to have found some support from the renewed weakness seen around the US dollar, while upside bias lacks momentum on the back of persisting risk-off sentiment. Meanwhile, the USD index now drops -0.12% at 93.63 levels.On the data-front, next of relevance remains the US NFP data, which is likely to set next direction on the GBP/USD pair.

RECOMMENDATION :

  • BUY GBP/USD ABOVE 1.4531 TGT 1.4551 1.4581 SL 1.4501
  • SELL GBP/USD BELOW 1.4500 TGT 1.4480 1.4450 SL 1.4530

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Your email address will not be published.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.