IForex Market Trading Signals and News – 16 May 2016


  • Forex -Dollar edges higher ahead of U.S. economic reports
  • Forex -Dollar slips against yen, edges higher vs. euro
  • Forex-Yen gains further in Asia as Kuroda defends negative rates

EUR/USD fell sharply on Friday, as the dollar continued its rally from 9-month lows amid an unexpected surge in U.S. consumer sentiment. The currency pair traded in a broad range between 1.1283 and 1.1379, before settling at 1.1313, down 0.0061 or 0.56% on the session. At session-lows, the euro fell below 1.13 against the dollar for the first time in the month of May. The euro has now closed lower versus the dollar in eight of the last nine sessions. Despite the recent downturn, the euro is still up against American counterpart by more than 4% since the start of the year.EUR/USD likely gained support at 1.0538, the low from December 3 and was met with resistance at 1.1496, the high from Oct. 15.

GBP/USD is currently trading with a slight bullish bias. Yesterday, the pair broke above the channel but ended up within the same channel. As long as the pair trades within this channel, expect a rally to the lower side, a clear breakout above 1.4480 will lead to an acceleration to the upper side but should not go above 1.46637. During this intraday, key levels to look for include 1.4106, 1.4178, 1.4304, 1.44061, 1.4480, and 1.4663. This pair should be traded alongside AUD/USD, GBP/CHF, NZD/USD, and GBP/CHF. These pairs have a strong positive correlation of up to +0.92 and will likely have a similar price action during this intraday.


  • BUY GBP/USD ABOVE 1.4440 TARGET 1.4460 1.4490 SL 1.4410
  • SELL GBP/USD AROUND 1.4445-1.442 TARGET 1.4422 1.4392 SL 1.4475

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