3Jun
Forex trading

IForex Market Trading Signals and News – 03 June 2016

MARKET UPDATES :

  • Forex – Pound rises against weaker dollar, but gains checked
  • Forex – Dollar hits two-week low against yen
  • Forex – Aussie slides lower after mixed data, kiwi holds steady

EUR/USD
The EURUSD pair opens today’s trading with more positivity to start the breaching process to 1.1196 resistance, and as we mentioned yesterday, breaching this level represents key factor to confirm the continuation of the bullish trend, opening the way to head towards our next main target at 1.1356.Therefore, we will continue to suggest the bullish trend in the upcoming sessions, supported by the EMA50 that carries the price from below now, conditioned by the price stability above 1.1170 and the most important above 1.1066. Expected trading range for today is between 1.1110 support and 1.1320 resistance.

GBP/USD
The pound moved higher against softer dollar on Thursday as doubts over a near-term U.S. rate hike hit the greenback, but sterling’s gains were held in check after disappointing U.K. construction sector data.GBP/USD was up 0.16% at 1.4436, holding below session highs of 1.4467. The pound’s gains were checked after survey data showing that the slowdown in the U.K. construction sector continued in May, amid the first drop in new orders since April 2013. The Market construction purchasing managers’ index fell to 51.2 from April’s reading of 52.0. Economists had expected an unchanged reading.The report said that delay’s to client decision making ahead of the European Union membership referendum on June 23 had contributed to the slowdown.

RECOMMENDATION :

  • BUY GBP/USD ABOVE 1.4470 TGT 1.4490 1.4520 SL 1.4400
  • SELL GBP/USD BELOW 1.4418 TGT 1.4398 1.4368 SL 1.4448

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