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IForex Market Trading Signals and News – 08 July 2016

INTERNATIONAL CURRENCY BUZZ :

  • Forex – GBP/USD off record-lows after U.K. data, still under pressure
  • Forex – Aussie falls after S&P credit rating cut, kiwi gains ground
  • Forex – USD/CAD at 1-week highs after U.S., Canadian data

EUR/USD
EUR/USD is currently trading with a bullish bias. Yesterday, instead of going short as previously forecasted, the pair rebounded from the support level 1.1040, headed long but is yet to reach our target resistance level 1.1167. During this intraday, we expect a bullish price movements towards 1.1167 or even a break above it. This pair should be traded alongside AUD/JPY, EUR/JPY, GBP/JPY and NZD/USD. These pairs have a strong positive correlation of up to +0.92 and will have a similar price action during this intraday.

GBP/USD
The pound rose off record lows against the U.S. dollar on Thursday, boosted by the release of positive U.K. manufacturing and industrial production data, although concerns over the effects of the Brexit vote on the nation’s economy continued to weigh. GBP/USD hit 1.2999 during European morning trade, the session high and off Wednesday’s fresh 31-year lows of 1.2797; the pair subsequently consolidated at 1.2986, up 0.43%.The U.K. Office for National Statistics said that manufacturing production decreased by 0.5% in May, better than expectations for a decline of 1.0% and following a gain of 2.4% a month earlier that was revised from an initial 2.3% advance.On an annualized basis, manufacturing production rose at rate of 1.7%, better than forecasts for a 0.7% increase.

RECOMMENDATION :

  • BUY GBP/USD ABOVE 1.3055 TGT 1.3075 1.3105 SL 1.3025
  • SELL GBP/USD BELOW 1.2935 TGT 1.2915 1.2885 SL 1.2905

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