INTERNATIONAL CURRENCY BUZZ :
- Forex – Aussie and kiwi gain ground, eyes on RBNZ meeting
- Forex – Aussie, yen hold gains in Asia on machinery orders, sentiment
- Forex – Yen, Aussie rebound in Asia on machinery orders, consumer views
EUR/USD is currently trading with a declining Bullish bias. Yesterday, the pair rebounded from a key support level 1.1073, headed perfectly long as previously forecasted but is currently finding it hard to break above a key supply zone 1.1147-1.1157. We expect a possible bearish rebound from this zone to go short while a clear breakout above 1.1157 may invalidate the anticipated downward rally. This pair should be traded alongside EUR/HKD, GBP/USD, NZD/USD and AUD/USD. These pairs have a strong positive correlation of up to +0.96 and will have a similar price action duing this intraday.
GBP/USD is currently trading with slight bearish bias. Earlier today, the pair found a key support around 1.2997, headed long but is yet to reach our target resistance level 1.3099. We expect to continue long up to 1.3099 or even higher to 1.3228. However, as long as the current descending channel protects the upper side, we expect a continuation of the downward rally that began on Thursday the previous week. This pair should be traded alongside GBP/CHF, GBP/JPY, GBP/CAD 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.
- BUY GBP/USD ABOVE 1.3095 TGT 1.3115 1.3145 SL 1.3065
- SELL GBP/USD BELOW 1.2970 TGT 1.2950 1.2920 SL 1.3000