INTERNATIONAL CURRENCY BUZZ :
- Forex – Yen surges 1% as Japan stimulus plans fall short
- Forex – Kiwi, Aussie move higher ahead of FOMC meeting
- Forex – Yen gains in Asia as corporate goods up more than expected
EUR/USD is currently trading with a bullish bias. Yesterday, the pair traded long as previously forecasted but is yet to reach our target resistance level 1.1034. During this intraday, we expect a possible bullish price rally towards 1.1034 or even higher to 1.1054. This pair should be traded alongside NZD/USD, GBP/USD, AUD/USD 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.
GBP/USD is currently trading with a bearish bias. The cable continues to make lower lows even as Euro push to the upper side. During this intraday, as long as the pair trades below 1.3147, we expect the cable to continue to the lower side but should not go beyond 1.2905. Ideally, the pair should form a double bottom at 1.2905. This pair should be traded alongside GBP/JPY, GBP/CHF, GBP/NZD, and GBP/CAD. These pairs a have a strong positive correlation of up to +0.96 and will have a similar price action during this intraday.
- BUY GBP/USD ABOVE 1.3165 TGT 1.3185 1.3115 SL 1.3135
- SELL GBP/USD BELOW 1.3055 TGT 1.3035 1.3005 SL 1.3085