29Jul
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IForex Market Trading Signals and News – 29 July 2016

INTERNATIONAL CURRENCY BUZZ :

  • Forex – Euro rises to 2-week highs vs. dollar
  • Forex – Aussie, kiwi rise after Fed leaves policy unchanged
  • Forex – Yen gains in Asia after FOMC holds pat as expected, BoJ eyed

EUR/USD
The euro rose to two-week highs against the U.S. dollar on Thursday, after the release of upbeat data from Spain and Germany, while the Federal Reserve’s most recent policy statement weighed on the greenback.EUR/USD hit 1.1119 during European morning trade, the pair’s highest since Ju;y 15; the pair subsequently consolidated at 1.1110, gaining 0.46%. The pair was likely to find support at 1.1035, the low of July 18 and resistance at 1.1150, the high of July 15.Data earlier showed that the number of unemployed people in Germany declined by 7,000 in July, compared to expectations for a 3,000 drop and after a 6,000 slide the previous month.Germany’s unemployment rate remained unchanged at 6.1% this month, in line with expectations.

GBP/USD
GBP/USD is currently trading with a slight bearish bias. Yesterday, the pair traded perfectly long as previously forecasted and even hit a key resistance level 1.3221. Although we expect further momentum to the upper side, we will only go long upon a clear breakout above 1.3221. A clear rebound from this level will lead to a possible bearish reversal towards 1.29053. This pair should be traded alongside GBP/NZD, GBP/JPY, GBP/CHF, and GBP/CAD. These pairs have a  similar price action during this intraday.

RECOMMENDATION :

  • BUY GBP/USD ABOVE 1.3200 TARGET1.3220 1.3250 SL 1.3170
  • SELL GBP/USD BELOW 1.3165 TARGET 1.3145 1.3115 SL 1.3135

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