9Aug

IForex Market Trading Signals and News – 09 August 2016

INTERNATIONAL CURRENCY BUZZ :

  • Forex – Aussie holds steady, kiwi slides lower vs. greenback
  • Forex – Aussie, yen weaker after regional trade figures disappoint
  • Forex – Yen holds weaker as Japan trade surplus narrower than seen

EUR/USD
EUR/USD is currently trading with a bearish bias. During the NFP’s results release, Euro markets plunged down to the lower side and is still petty much bearish. We expect a possible bearish price rally towards 1.1047 or even lower. The anticipated downward rally can only be declared valid in case the pair clearly break below 1.1073. A breakout below this level will give us the green light to go short with an ideal target at 1.0959. This pair should be traded alongside NZD/USD, GBP/USD and AUD/USD. These pairs have a strong positive correlation of up to +0.86 and will have a similar price action during this intraday.

GBP/USD
GBP/USD is currently trading with a slight bullish bias. During the previous trading day on Friday, the Cable made a lower low following the NFP’s results release and is still pretty much bearish on the daily chart. During this intraday, we expect further movements to the loweride with the next target at 1.2902 or even lower. This pair should be traded alongside GBP/CAD, GBP/NZD, GBP/JPY, and GBP/AUD. These pairs have a strong positive correlation of up to +0.86 and will have a similar price action during this intraday.

RECOMMENDATION :

  • BUY GBP/USD ABOVE 1.3100 TGT 1.3120 1.3150 SL 1.3070
  • SELL GBP/USD BELOW 1.3020 TGT 1.3000 1.2980 SL 1.2950

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