31Aug

IForex Market Trading Signals and News – 31 August 2016

INTERNATIONAL CURRENCY BUZZ

  • Forex – GBP/USD slips lower after downbeat U.K. data.
  • Forex – Aussie, kiwi slip lower vs. broadly stronger greenback.
  • Forex – Yen weaker in Asia as dollar gains continue.

EUR/USD

The pair continued to trade lower in choppy trading on Monday and it finished way above the intraday low at 1.1187, for a small loss of 10 pips or -0.08%. The cross traded in a narrow daily range of 50 pips with a high of 1.1208 and a low of 1.1158. Further, the pair closed the day well below the 61.8% Fibonacci retracement level at 1.13 on Monday. In the absence of fundamentals from Eurozone, all eyes were on the few U.S. announcements of the day. The PCE Index and Personal Spending were both in line with expectations, but the market’s reaction was still bearish regarding the pair as U.S. stock markets rebounded on Monday.

GBP/USD

The pound slipped lower agains the U.S. dollar on Tuesday, re-approaching a one-week trough after the release of downbeat U.K. data and as expectations for a U.S. rate hike before the end of the year continued to support the greenback.GBP/USD hit 1.3060 during European morning trade, the session low; the pair subsequently consolidated at 1.3068,shedding 0.28%.Cable was likely to find support at 1.2871, the low of August 18 and resistance at 1.3280, the high of August 26.The Bank of England earlier reported that net lending to individuals increased by £3.8 billion in July, compared to expectations for a £4.9 billion rise. Net lending to individuals increased by £5.1 billion in June, whose figure was revised from a previously estimated gain of £5.2 billion.

RECOMMENDATION :

BUY GBP/USD ABOVE 1.3130 TGT 1.3150 1.3180 SL 1.3100.
SELL GBP/USD BELOW 1.3050 TGT 1.3030 1.3000 SL 1.3080.

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