23May
forex-market-hours

IForex Market Trading Signals and News – 23 May 2016

MARKET UPDATES :

  • Forex – USD/CAD trims gains but remains close to 6-week highs
  • Forex – Dollar hits 3-1/2 week highs vs. broadly weaker yen
  • Forex- Dollar moves back higher on upbeat U.S. housing data

EUR/USD
EUR/USD is steady on Friday, continuing the lack of movement which marked the Thursday session. The pair continues to hug the 1.12 line in the European session. On the release front, it’s a quiet end to the trading week. German PPI posted a small gain of 0.1%, edging above the forecast of 0.0%. Eurozone Current Account impressed, as the surplus surged to EUR 27.3 billion, well above the estimate of EUR 19.6 billion. Over in the US, the sole event on the schedule is Existing Home Sales. The markets are expecting an improvement in the April release, with an estimate of 5.40 million.

GBP/USD
GBP/USD is currently trading with a bearish bias. Yesterday, the pair retraced as previously forecasted but did not reach our target 1.4543. As long as the level 1.4543 protects the lower side, expect an upward momentum but should not go above 1.4706-1.4729. Ideally, we anticipate a possible rebound from the level 1.4706 or a break below 1.4543 to go short . In an alternative case scenario, should the pair break above 1.4729, then we expect an acceleration to the upper side. This pair should be traded alongside GBP/JPY, GBP/HKD and GBP/CHF. These pairs have a strong positive correlation of up to +0.89 and will have a similar price action during this intraday.

RECOMMENDATION :

  • BUY GBP/USD ABOVE 1.4510-1.4508 TGT 1.4490 1.4470 SL 1.4540
  • SELL GBP/USD ABOVE 1.4540 TGT 1.4560 1.4590 SL 1.4510

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