22Jun
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IForex Market Trading Signals and News – 22 June 2016

INTERNATIONAL CURRENCY BUZZ :

  • Forex – Euro falls to fresh 3-week lows against sterling
  • Forex – Sterling hits 7-week highs ahead of Brexit vote
  • Forex – Aussie rises, kiwi holds steady ahead of Yellen remarks

EUR/USD
EUR/USD is currently trading with a decreasing upward momentum. Yesterday, the pair traded short as previously forecasted but could not hit our target support 1.1291. The previously daily candle is pretty much bearish and may lead to a rally to the lower side. Thus, we still expect further momentum to the lower side probably a break below 1.1291 is likely to push the price further to the lower side but should not go beyond 1.1142. We will only be interested in going long in case the pair clearly break above 1.1403. This pair should be traded alongside NZD/USD, AUD/USD and GBP/USD. These pairs have a strong positive correlation of up to +0.91 and will have a similar price action during this intraday.

GBP/USD
The pound rose to a new seven-week high against the dollar on Tuesday, extending Monday’s gains as opinion polls indicated growing support for a U.K. vote to remain in the European Union ahead of Thursday’s referendum.GBP/USD climbed 0.28% to 1.4767, the highest level since May 3. Sterling climbed around three cents on Monday, in its strongest rally in nearly eight years. Two opinion polls released on Monday indicated that support for the ‘Remain’ campaign had regained its lead over a vote to exit the 28-member bloc.An ORB poll for the Daily Telegraph newspaper showed that 53% of voters supported the Remain campaign, compared with 46% support for the Leave campaign.A poll published by NatCen also showed Remain on 53% and Leave at 47%. But a poll by YouGov for The Times newspaper showed Leave ahead on 44%, with Remain on 42%.

RECOMMENDATION :

  • BUY GBP/USD ABOVE 1.4780 TGT 1.4800 1.4820 SL 1.4750
  • SELL GBP/USD BELOW1.4650 TGT 1.4630 1.4600 SL 1.4680

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