24Jun

IForex Market Trading Signals and News – 24 June 2016

INTERNATIONAL CURRENCY BUZZ :

  • Forex – Pound eases from 6-month highs as Brexit vote gets underway
  • Forex – Aussie, kiwi hit multi-month highs ahead of Brexit vote
  • Forex – Yen holds weaker in Asia ahead of Brexit vote

EUR/USD
EUR/USD is currently trading with a bullish bias. Yesterday, instead of going short as previously forecasted, the pair traded traded long and even broke above the resistance level 1.1291. Following this breakout, we still expect further movements to the upper side but should not go above 1.1411. A clear breakout above this target will push the price to the upper side. This pair should be traded alongside GBP/USD, AUD/USD and NZD/USD. These pairs have a strong positive correlation of up to +0.89 and will have a similar price action during this intraday.

GBP/USD
The pound eased after touching six month highs overnight as voting in a landmark referendum on whether the U.K. should remain in the European Union got underway. GBP/USD was last at 1.4760, up 0.36% for the day after touching highs of 1.4845 overnight, the strongest level since December 31.Sterling reviewed a boost late Wednesday after an opinion poll indicated that support for the Remain campaign edged into the lead.The YouGov poll for The Times newspaper showed that 51% of voters supported the campaign to remain in the EU, with 49% supporting Brexit, after a previous YouGov poll showing a lead for the campaign to leave.

RECOMMENDATION :

  • BUY GBP/USD AROUND 1.4950 TGT 1.4970 1.5000 SL 1.4920
  • SELL GBP/USD BELOW1.4800 TGT 1.4780 1.4750 SL 1.4830

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