5Jul
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IForex Market Trading Signals and News – 05 July 2016

INTERNATIONAL CURRENCY BUZZ :

  • Forex – Dollar edges higher vs. rivals in cautious trade
  • Forex – GBP/USD holds steady near record lows after U.K. PMI
  • Forex – Aussie, kiwi rise despite Australian political uncertainty, data

EUR/USD
EUR/USD is currently trading with a bullish. During the previous trading day on 1st July, wave [c] traded long as previously forecasted and even hit our target resistance level 1.1167. During this intraday, we expect a possible bearish reversal from this level to go short, while a clear breakout above this target will lead to an upward momentum towards 1.1276. This pairs should be traded alongside EUR/JPY, NZD/USD and GBP/USD. These pairs have a strong positive correlation of up to +0.96 and will have a similar price action during this intraday.

GBP/USD
The pound held steady against its the U.S. dollar on Monday, still hovering close to 31- year lows after data showing that U.K. construction activity entered contraction territory last month added to fears over a slowdown in Britain after the Brexit vote.Trading volumes were expected to remain thin with U.S. markets closed for Independence Day.GBP/USD hit 1.3254 during European morning trade, the session low; the pair subsequently consolidated at 1.3262.Cable was likely to find support at 1.3195, the low of June 28 and resistance at 1.3350, Friday’s high.Research firm Markit and the Chartered Institute of Purchasing & Supply said their U.K. construction purchasing managers’ index fell to 46.0 in June from May’s reading of 51.2. Economists had expected the index to drop to 50.5 in June.

RECOMMENDATION :

  • BUY GBP/USD ABOVE 1.3310 TGT 1.3330 1.3360 SL 1.3280
  • SELL GBP/USD BELOW 1.3205 TGT 1.3185 1.3155 SL 1.3235

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