26May

IForex Market Trading Signals and News – 26 May 2016

MARKET UPDATES :

  • Forex – Dollar dips but remains firm on rate hike view
  • Forex – Aussie and kiwi rise vs. greenback on oil rebound
  • Forex- Dollar edges lower, remains underpinned by robust U.S. housing data

EUR/USD
EUR/USD is currently trading with a slight bullish bias. Yesterday, the pair traded short and even broke below a very significant support level 1.1166 and is currently retracing towards it. We expect the current upward rally to be a mere upward retracement and should not go above 1.1166. A break above this level will lead to an acceleration to the upper side, but should not close above 1.12177. This pair should be traded alongside NZD/USD, AUDF/USD and ER/HKD. These pairs have a strong positive correlation of up to +0.96 and will likely have a similar price action during this intraday.

GBP/USD
GBP/USD is currently trading with a slight bearish bias. Yesterday, the pair bounced off from the support zone 1.4480-1.4468, headed long and is still pretty much bullish. Following the break above 1.4543, we are very reluctant to go short, instead, we expect the current downward rally to be a mere pullback and should not close below 1.4543. A clear break below 1.4543 will lead to a rally to the lower side while a rebound from 1.4543 will lead to an acceleration to the upper side but should not go above 1.4729. This pair should be traded alongside GBP/CHF, USD/JPY, GBP/JPY and GBP/HKD. These pairs have a strong positive correlation of up to +0.92 and will have a similar price action during this intaday.

RECOMMENDATION :

  • BUY GBP/USD ABOVE 1.4663 TGT 1.4683 1.4713 SL 1.4633
  • SELL GBP/USD BELOW 1.4601 TGT 1.4581 1.4581 SL 1.4631

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