13Jun

IForex Market Trading Signals and News – 13 June 2016

MARKET UPDATES :

  • Forex – Dollar edges higher vs. euro, holds steady against yen
  • Forex – Yen holds gains in Asia after PPI data, Aussie down
  • Forex – Yen a bit stronger in Asia ahead of producer prices data

EUR/USD
EUR/USD fell sharply, erasing all of its gains from the previous session, as both Mario Draghi and George Soros voiced concern about the state of the euro area economy, as well as global economic conditions overall.The currency pair traded in a tight range between 1.1305 and 1.1416, before settling at 1.1318, down 0.69% on the session. Over a volatile last month of trading, the euro is still up by nearly 1% against the dollar. Despite Thursday’s considerable losses, the euro has still settled above 1.13 at the close of U.S. markets in six straight sessions.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 dropped to seven-week lows against the U.S. dollar on Friday, as fears of a potential British exit from the European Union, or Brexit, continued to dampen demand for sterling, while upbeat U.S. consumer sentiment boosted the greenback. GBP/USD hit 1.4324 during U.S. morning trade, the pair’s lowest since April 22; the pair subsequently consolidated at 1.4339, declining 0.84%.Cable was likely to find support at 1.4349, the low of June 6 and a three-week low and resistance at 1.4527, Thursday’s high.The pound came under selling pressure this week amid mounting fears of a potential Brexit victory at the U.K. referendum scheduled on June 23.

RECOMMENDATION :

  • BUY GBP/USD ABOVE 1.4460 TGT 1.4480 1.4510 SL 1.4430
  • SELL GBP/USD AROUND 1.4555-1.4552 TGT 1.4535 1.4505 SL 1.4585

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