29Aug

IForex Market Trading Signals and News – 29 August 2016

INTERNATIONAL CURRENCY BUZZ

  • Forex – Dollar pops higher before retreating on Yellen comments
  • Forex – Dollar dips on downward U.S. GDP revision, Yellen speech eyed
  • Forex – Dollar little changed amid caution before Yellen speech

EUR/USD

EUR/USD is currently trading with a bullish bias. Yesterday, the pair retraced to the upper side and ended up breaking above 1.1276, although we anticipate further movements to the upper side, we cannot rule out the possibility of a breakout below 1.1267. If the latter is the case, then we expect a rally to the lowerside but should not go beyond 1.1222. 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 +0.92 and will have a similar price action during this intraday.

GBP/USD

GBP/USD is currently trading with a declining upward momentum. As previously forecasted, the pair traded perfectly short but is currently retracing to the upper side. We expect a possible rebound from the level 1.3205 to continue short with an ideal target at 1.3134. Ideally, during this intraday, we expect this pair to trade on the lower ranges but should not close below 1.3134. This pair should be traded alongside GBP/JPY, GBP/CAD, GBP/NZD and GBP/HKD. These pairs have a strong positive correlation of up to +0.89 and will have a similar price action during this intraday.

RECOMMENDATION :

  • BUY GBP/USD ABOVE 1.3265 TGT 1.3285 1.3315SL 1.3235
  • SELL GBP/USD BELOW 1.3130 TGT 1.3110 1.3080 SL 1.3160

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