12Jul

IForex Market Trading Signals and News – 12 July 2016

INTERNATIONAL CURRENCY BUZZ :

  • Forex – Dollar up more than 1% against yen as Japan stocks rally
  • Forex – Aussie and kiwi move lower vs. stronger greenback
  • Forex – Yen eases further after parliament polls, Aussie recovers

EUR/USD
EUR/USD is currently trading with a bearish bias. The pair entered into a consolidation not going above 1.1167 or below 1.1034. During this intraday, we expect a possible bearish break below 1.1034 to go short with an ideal target at 1.094. The overall trend is bearish and a clear breakout below 1.1034 will confirm the anticipated bearish rally. This pair should be traded alongside EUR/JPY, and EUR/CHF. These pairs have a strong positive correlation of up to +0.95 and will have a similar price action during this intraday.

GBP/USD
GBP/USD is currently trading with a declining bullish bias. During the previous trading day on 8th July 2016, instead of going short a previously forecasted, the pair retraced to the upper side but is likely to continue short during this intaday. Thus, we expect a possible bearish price movements towards 1.245 or even below. Ideally, the anticipated downward rally should be the continuation of wave (c) and may end below 1.245. This pair should be traded alongside GBP/JPY, GBP/CHF, and USD/JPY. These pairs have a strong positive correlation of up to +0.96 and will have a similar price action during this intraday.

RECOMMENDATION :

  • BUY GBP/USD ABOVE 1.2980 TGT 1.3000 1.3020 SL 1.2950
  • SELL GBP/USD BELOW 1.2850 TGT 1.2870 1.2840 SL 1.2880

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