1Jul
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IForex Market Trading Signals and News – 01 July 2016

INTERNATIONAL CURRENCY BUZZ :

  • Forex – GBP/USD higher after U.K. GDP report
  • Forex – Aussie, kiwi decline vs. greenback in late trade
  • Forex – Yen gains in Asia despite weak industrial data, Aussie down

EUR/USD
EUR/USD is currently trading with a slight bullish bias. Yesterday, the pair traded long and even hit our target resistance level 1.1118. This pair is still petty much bullish on the daily chart and may rally towards 1.1169. As long as the pair trades within the rising channel, we expect an acceleration to the upper side. The current downward rally on the daily chart is a mere pullback and should not go below 1.1064. This pair should be traded alongside NZD/USD, GBP/USD and AUD/ 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 was higher against the U.S. dollar on Thursday, after the release of U.K. economic growth data in line with expectations and as markets continued to recover from Britain’s decision to leave the European Union last week.GBP/USD hit 1/3494 during European morning trade, the session high; the pair subsequently consolidated at 1.3467, up 0.25%.Cable was likely to find support at 1.3288, Wednesday’s low and resistance at 1.3564, the high of June 27. The U.K. Office for National Statistics said gross domestic product expanded by 0.4% in the first quarter, unchanged in this final estimate and in line with expectations. The U.K.’s economy grew by 0.6% in the preceding quarter.

RECOMMENDATION :

  • BUY GBP/USD ABOVE 1.3530 TGT 1.3550 1.3580 SL 1.3500
  • SELL GBP/USD BELOW 1.3420 TGT 1.3400 1.3370 SL 1.3450

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