18Aug
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IForex Market Trading Signals and News – 18 August 2016

INTERNATIONAL CURRENCY BUZZ

  • Forex – GBP/USD slips lower despite U.K. data
  • Forex – Aussie, kiwi move lower despite upbeat economic reports
  • Forex – Aussie down as dollar gains on Fed views, Moody’s affirms AAA.

EUR/USD

EUR/USD is currently trading with a bearish bias. Yesterday, the pair traded perfectly long as previously forecasted and even hit our target resistance level 1.1276. The previous day’s candle chart is still pretty much bullish and may push the price further to the upper side, in
the meantime we wait for minor downward pullbacks towards 1.1222 to give us potential low risk buy opportunities. This pair should be traded alongside EUR/HKD, GBP/USD and NZD/USD. These pairs have a strong positive correlation of up to +0.93 and will have a similar price action during this intraday.

GBP/USD

The pound slipped lower against the U.S. dollar on Wednesday, despite the release of up beat U.K. employment data as new hopes for an upcoming rate hike by the Federal Reserve boosted demand for the greenback.GBP/USD hit 1.3011 during European morning
trade, the session low; the pair subsequently consolidated at 1.3015, shedding 0.24%.Cable was likely to find support at 1.2871, Tuesday’s low and resistance at 1.3178,the high of August 5.The U.K. Office for National Statistics said the unemployment rate remained at 4.9% in the three months to June, in line with forecasts.The claimant count fell by 8,600 in July, compared to expectations for a increase of 9,500 people, and following an advance of 900 a month earlier.

RECOMMENDATION :

  • BUY GBPUSD ABOVE 1.3140 TGT 1.3160 1.3190 SL 1.3110.
  • SELL GBPUSD BELOW 1.2985 TGT 1.2965 1.2935 SL 1.3015.

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