23Aug
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IForex Market Trading Signals and News – 23 August 2016

INTERNATIONAL CURRENCY BUZZ

  • Forex – Aussie and kiwi move lower vs. stronger greenback.
  • Forex – Yen, Aussie fall further in Asia as Fischer views drive dollar.
  • Forex – Yen weaker in early Asia with focus this week on Yellen views.

EUR/USD

EUR/USD is currently trading with a bearish bias.Euro gapped down into our objective demand zone 1.1267-1.1276, unless there is a clear breakout below this zone, we expect a possible rebound from this zone to go long with an ideal target at 1.1312 or even higher. A clear breakout below 1.1267 will push the price further to the lower side but should not go beyond 1.1155. This pair should be traded alongside GBP/USD,AUD/USD, NZD/USD and EUR/HKD. These pairs have a strong positive correlation of up to +0.93 and will have a
similar price action during this intraday.

GBP/USD

GBPUSD is currently trading with a bearish bias. During the previous trading day on 19th August 2016 , our stop got hit when the price closed below $1.3115, following the breakout below $1.3077, we expect further movements to the lower side with our ideal target at $1.2997 or even lower. This pair should be traded alongside GBP/JPY, GBP/CHF, GBP/ CAD and GBP/NZD. These pairs have a strong positive correlation of up to +0.93 and will have a similar price action during this intraday.

RECOMMENDATION :

  • BUY GBPUSD ABOVE 1.3120 TGT 1.3140 1.3170 SL 1.3090.
  • SELL GBPUSD BELOW 1.3013 TGT 1.2993 1.263 SL 1.3043.

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