10Jun
forex-market-hours

IForex Market Trading Signals and News – 10 June 2016

MARKET UPDATES :

  • Forex – Sterling remains lower after U.K. trade data
  • Forex – Dollar near 5-week lows, NZ dollar hits 1-year highs
  • Forex – Aussie weaker after mixed China prices data, yen stronger

EUR/USD
EUR/USD extended recent gains to briefly clear 1.14 for the first time in three weeks, as the European Central Bank launched a comprehensive corporate bond buying program on Wednesday. The currency pair traded in a tight range between 1.1355 and 1.1410, before settling at 1.1396, up 0.0039 or 0.33%. With the slight gains, the euro posted its third straight win against the dollar and fifth over the last seven sessions. Since dipping below 1.11 in late-May, the euro has rallied by more than 2.3% against its American counterpart over the last week. EUR/USD likely gained support at 1.1055, the low from March 15 and was met with resistance at 1.1616, the high from May 3.

GBP/USD
The pound remained slightly lower against the dollar on Thursday as concerns over the upcoming European Union referendum overshadowed encouraging U.K. trade data. GBP/USD was last down 0.26% at 1.4466 from around 1.4459 earlier.The Office for National Statistics reported that the U.K. trade deficit fell more than expected in April, after a record increase in goods exports. The volume of exported goods jumped 11.2% or £2.2 billion from a month earlier, taking the total value of goods exports to £26.1 billion.Imports rose by £2 billion to £36.6 billion, the ONS said. The increase in exports meant that the trade deficit narrowed to £3.29 billion in April from a downwardly revised £3.53 billion in March, the lowest level since September 2015. The data indicated that recent weakness in trade data may be coming to an end.But sentiment on sterling remained fragile ahead of the June 23 EU Brexit referendum.

RECOMMENDATION :

  • BUY GBP/USD ABOVE 1.4515 TGT 1.4535 1.4565 SL 1.4485
  • SELL GBP/USD BELOW 1.4435 TGT 1.4405 1.4375 SL 1.4465

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