13Jul

IForex Market Trading Signals and News – 13 July 2016

INTERNATIONAL CURRENCY BUZZ :

  • Forex – Yen hit by Japan stimulus hopes, sterling up 1%
  • Forex – Aussie, kiwi climb vs. greenback in late trade
  • Forex – Aussie gains in Asia as NAB survey shows business pickup

EUR/USD
EUR/USD is currently trading with a bullish bias. As previously forecasted, the pair continues to trade within the consolidation zone 1.1167-1.1034. As long as the pair trades within this consolidation, we expect to trade reversals within the range. A breakout above 1.1167 will lead to a possible bullish price movements towards 1.1267 while a breakout below 1.1034 will culminate into a possible bearish price rally towards 1.0935. This pair should be traded alongside GBP/USD, GBP/CHF, and EUR/JPY. These pairs have a strong positive correlation of up to +0.92 and will have a similar price action during this intraday.

GBP/USD
GBP/USD is currently trading with a bullish bias. The cable continues to retrace to the upper side, we expect the current upward rally to be a mere retracement and should not go beyond 1.3491. Thus, during this intraday, we anticipate a possible bullish price rally towards 1.3224 or even higher to 1.3491. This pair should be traded alongside EUR/USD, GBP/CHF, GBP/JPY, EUR/JPY and AUD/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 1.3180 TGT 1.3200 1.3230 SL 1.3150
  • SELL GBP/USD BELOW 1.3170 TGT 1.3150 1.3120 SL 1.3200

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