INTERNATIONAL CURRENCY BUZZ :
- Forex – Australian, New Zealand dollars slide on rate cut bets
- Forex – Dollar slips vs yen on profit-taking; kiwi tumbles
- Forex – Yen at 3 1/2-week low, kiwi tumbles after c.bank housing proposals
EUR/USD is currently trading with a bullish bias. Euro continues to trade within it’s consolidation range, not going below 1.1034 or above 1.1165. As long as the pair trades within this range we look to trade reversals from either levels within the range. A break above this range will culminate into a possible bullish rally towards 1.1120 or even higher to 1.1165. A break below 1.1034 will lead to a momentum to the lower side but should not go beyond 1.0936. This pair should be traded alongside EUR/JPY, GBP/USD, GBP/CHF and GBP/JPY. These pairs have a similar price action during this intraday.
GBP/USD is currently trading with a slight bearish bias. Yesterday, the cable made minor retracements to the upper side but could not close beyond 1.3344. This pair is is still pretty much bearish on the daily chart and will likely remain bearish for the better parts of this intraday. Thus, during this intraday, we expect a possible bearish price rally towards 1.2905 or even lower. This pair should be traded alongside GBP/JPY, GBP/CHF, NZD/USD and AUD/USD. These pairs have a strong positive correlation of up to +0.96 and will have similar price action during this intraday.
- BUY GBP/USD ABOVE 1.3235 TGT 1.3255 1.3285 SL 1.3205
- SELL GBP/USD BELOW 1.3165 TGT 1.3145 1.3105 SL 1.3195