Forex Market

29May
forex-market-hours

IForex Market Trading Signals and News of 29th May 2014

TRADING TIPS

➔Forex – USD/CAD steady near 2-week lows
➔Forex – Euro drops to fresh 3-month lows against dollar
➔Forex – Pound extends losses against dollar

EUR/USD
➔EUR/USD hit lows of 1.3605, the weakest since February 13 and was last down 0.21% to 1.3607.The pair was likely to find support at 1.3575 and resistance at 1.3636, the session high.The euro has weakened broadly against the other major currencies, falling more than 2% against the dollar since the ECB indicated at its May 8 meeting that it is comfortable with easing monetary policy in June to help shore up the fragile recovery in the region.On Tuesday, ECB President Mario Draghi said the bank was aware of the risks of persistently low inflation and was prepared to take steps to get euro zone inflation back to its target, the latest indication that the bank could ease monetary policy as soon as next week.The annual rate of euro zone inflation was 0.7% in April, well below the ECB’s target of close to but just below 2%.

USD/CAD
➔USD/CAD was almost unchanged at 1.0857, not far from Tuesday’s two-week lows of 1.0835.The pair was likely to find support at 1.0815, the low of May 9 and resistance at 1.0900.Market sentiment continued to be underpinned after data on Tuesday showed that U.S. durable goods orders rose unexpectedly in April and another report showed that U.S. consumer confidence improved in line with forecasts this month.The Commerce Department said orders for long lasting manufactured goods rose 0.8%, compared to expectations of a 0.7% decline.Separately, the Conference Board reported that its consumer conference index rose to 83 in May, up from a revised 81.7 in April, in line with economists’ expectations.Risk appetite was also boosted by mounting expectations that the European Central Bank will implement new easing measures at its upcoming policy meeting next week, in order to shore up the fragile recovery in the euro zone.

RECOMMENDATION:-

1. Buy GBP/USD Above 1.6770- TG: 1.6790/ 1.6820 SL 1.6740
2. Sell GBP/USD Below 1.6690- TG: 1.6670/ 1.6640 SL 1.6720

Fore more information about Forex Signals and Market Updates, please visit EPIC RESEARCH PRIVATE LIMITED.

28May
Forex Signals

IForex Market Trading Signals and News of 28th May 2014

TRADING TIPS

➔Forex – Dollar steady to lower vs. rivals ahead of U.S. data
➔Forex – GBP/USD pares gains after downbeat U.K. data
➔Forex – EUR/USD steady, Draghi comments still weigh

EUR/USD
➔EUR/USD hit 1.3643 during late Asian trade, the pair’s highest since May 22; the pair subsequently consolidated at 1.3654, inching   up 0.06%.The pair was likely to find support at 1.3585, the low of February 13 and resistance at 1.3723, the high of May 21.On Monday, ECB President Draghi said the bank saw a risk of a deflationary cycle taking hold in the euro zone.Draghi said the ECB is ready to act should it see signs of a negative inflation spiral taking hold, and indicated that the bank is weighing a wide range of policy options, including interest rate cuts, and liquidity injections or broad-based asset purchases to help shore up the fragile recovery in the euro area.

GBP/USD
➔GBP/USD pulled away from 1.6882, the pair’s highest since May 22, to hit 1.6853 during European still up 0.06%.Cable was likely to find support at 1.6802, the low of May 20 and resistance at 1.6917, the high of May 22.Industry data earlier showed that U.K. mortgage approvals rose by 42,200 last month, compared to expectations for a 45,200 increase. Mortgage approvals in March were revised down to a 45,000 rise from a previously estimated 45,900 increase.Demand for sterling continued to be underpinned after Bank of England Deputy Governor Charles Bean said Saturday that U.K. interest rates could start rising before next spring.

RECOMMENDATION:-

1. Buy GBP/USD Above 1.6860- TG: 1.6880/ 1.6910 SL 1.6828
2. Sell GBP/USD Below 1.6800- TG: 1.6780/ 1.6750 SL 1.6830

Fore more information about Forex Signals and Market Updates, please visit EPIC RESEARCH PRIVATE LIMITED.

27May

IForex Market Trading Signals and News of 27th May 2014

TRADING TIPS

➔Forex – Euro steady after Draghi comments
➔Forex – AUD/USD edges higher but gains capped
➔Forex – Dollar steady to lower vs. rivals in thin trade

EUR/USD
➔EUR/USD hit lows of 1.3615, the weakest since February 13 and was last at 1.3641.The pair is likely to find support at 1.3575 and   resistance at 1.3658, Friday’s high.Draghi said the ECB is ready to act should it see signs of a negative inflation spiral taking hold, and indicated that the bank is weighing a wide range of policy options, including interest rate cuts, and liquidity injections or broad-based asset purchases to help shore up the fragile recovery in the euro area.”What we need to be particularly watchful for at the moment is the potential for a negative spiral to take hold between low inflation, falling inflation expectations and credit, in particular in stressed countries,”Draghi said.”There is a risk thatdisinflationary expectations take hold,” prompting consumers and businesses to delay spending. “We are not resigned to allowing inflation to remain too low for too long,” he added.The comments were made at the new ECB annual conference in Sintra, Portugal.

AUD/USD
➔AUD/USD hit 0.9245 during late Asian trade, the session high; the pair subsequently consolidated at 0.9241, adding 0.11%.The pair was likely to find support at 0.9275, the low of May 1 and resistance at 0.9290, the high of May 5.The greenback found support after data on new home sales on Friday added to signs of a recovery in the housing market.
The Commerce Department reported that sales of new homes rose by a larger-than-expected 6.4% to 433,000 in April, after two months of decline. Analysts had been expecting a figure of 425,000. March’s number was revised up from 384,000 to 407,000.

RECOMMENDATION:-

1. Buy GBP/USD Above 1.6860- TG: 1.6880/ 1.6910 SL 1.6828
2. Sell GBP/USD Below 1.6800- TG: 1.6780/ 1.6750 SL 1.6830

Fore more information about Forex Signals and Market Updates, please visit EPIC RESEARCH PRIVATE LIMITED.

26May
forex-trading3

IForex Market Trading Signals and News of 26 May 2014

TRADING TIPS

➔Forex – GBP/USD falls on upbeat U.S. new home sales numbers
➔Forex – EUR/USD falls on upbeat U.S. housing data
➔Forex – Dollar gains as U.S. new home sales beat expectations

EUR/USD

EUR/USD was down 0.19% at 1.3630, up from a session low of 1.3616 and off a high of 1.3688.The pair was likely to find support at 1.3483, the low from Feb. 6, and resistance at 1.3723, Wednesday’s high.The housing sector,which threw the U.S. economy into the worst downturn since the Great Depression and lagged on its recovery for years, is on the mend.The Census Bureau reported earlier that U.S. new home sales rose 6.4% to 433,000 units in April from 407,000 units in March, whose figure was revised up from a previously estimated 384,000. Analysts had expected new home sales to rise to 425,000 units last month.A day earlier, the National Association of Realtors reported that exis

GBP/USD

GBP/USD was trading at 1.6842, down 0.17%, up from a session low of 1.6830 and off a high of 1.6876.Cable was likely to find support at 1.6802, Tuesday’s low, and resistance at 1.6921, Wednesday’s high.The Census Bureau reported earlier that U.S. new home sales rose 6.4% to 433,000 units in April from 407,000 units in March, whose figure was revised up from a previously estimated 384,000. Analysts had expected new home sales to rise to 425,000 units last month.A day earlier, the National Association of Realtors reported that existing home sales increased 1.3% in April to an annual rate of 4.65 million units, and hopes that the U.S. housing sector is improving strengthened demand for the dollar on Friday.The pound, meanwhile, continued to come under pressure after data on Thursday confirmed that the U.K. economy grew 0.8% in the first quarter of the year from the previous quarter and 3.1% on year, disappointing some market expectations for upward revisions.

RECOMMENDATION:-

1. Buy GBP/USD Above 1.6860- TG: 1.6880/ 1.6910 SL 1.6828
2. Sell GBP/USD Below 1.6800- TG: 1.6780/ 1.6750 SL 1.6830

Fore more information about Forex Signals and Market Updates, please visit EPIC RESEARCH PRIVATE LIMITED.

23May

IForex Market Trading Signals and News of 23 May 2014

TRADING TIPS

EUR/USD

EUR/USD was at 1.3670, 0.11% lower for the day, after falling as low as 1.3654 earlier, not far from the two-and- a-half month trough of 1.3633 reached on Wednesday The pair was likely to find support at 1.3654 and resistance at 1.3710.The euro backed off session lows after data released on Thursday showed that manufacturing activity in the region expanded at the slowest rate in six months in May, but the region’s service sector expanded at the fastest rate in almost three years.The euro zone flash manufacturing purchasing managers’ index slid to 52.5 this month, from 53.4 in April, Survey compiler Markit said, compared to expectations of 53.2.The bloc’s services PMI rose to a 35-s

USD/CAD

USD/CAD touched session highs of 1.0930 and was last at 1.0909, just 0.06% higher for the day.The pair was likely to find support at 1.0890 and resistance at 1.0940, Wednesday’s high.The pair had a muted reaction after the Labor Department reported that the number of people filing for initial jobless benefits last week increased by 28,000 to 326,000 from the previous week’s revised total of 298,000.Analysts had expected jobless claims to rise by 12,000 to 310,000.The report came after Wednesday’s minutes of the Federal Reserve’s April meeting indicated that the bank continues to see a slow improvement in the economy, but reiterated that rates are likely to remain on hold at record lows for some time after its asset purchase program ends.

RECOMMENDATION :-

1. Buy GBP/USD Above 1.6925- TG: 1.6945/ 1.6975 SL 1.6890

2. Sell GBP/USD Below 1.6850- TG: 1.6830/ 1.6800 SL 1.6880

Fore more information about Forex Signals and Market Updates, please visit EPIC RESEARCH PRIVATE LIMITED.

22May

IForex Market Trading Signals and News of 22 May 2014

TRADING TIPS

GBP/USD

GBP/USD hit 1.6921, the highest since May 9 and was last up 0.42% to 1.6908.Cable was likely to find support at 1.6801, Tuesday’s low and resistance at 1.6973, the high of May 8 and an almost five year peak.U.K. retail sales jumped 1.3% in April, the Office of National Statistics said, more than double forecasts for a 0.5% increase, driven by higher food sales over the Easter holiday.On a year-over-year basis, retail sales climbed 6.9% in April, ahead of expectations for a 5.2% gain after rising by 4.8% in March.At the same time, the minutes of the BoE’s May meeting showed that the Monetary Policy Committee voted unanimously to leave interest rates on hold at record lows

USD/JPY

USD/JPY was down 0.25% to 101.07, after falling to lows of 100.83 earlier, the weakest level since February 5.The yen strengthened broadly after the BoJ said its stimulus program has been working as intended, and refrained from implementing additional easing measures at the conclusion of its two-day policy meeting on Wednesday.The central bank said the economy is showing signs of weathering the impact of a sales tax increase that came into effect on April 1 and pledged to continue to expand the monetary base at a pace of ¥60 trillion to ¥70 trillion per year.Investors were turning their attention to of the minutes from the Fed’s latest monetary policy meeting due out later Wednesday, for insight on the central bank’s view of the economy.

RECOMMENDATION :-

1. Buy GBP/USD Above 1.6925- TG: 1.6945/ 1.6975 SL 1.6890

2. Sell GBP/USD Below 1.6860- TG: 1.6840/ 1.6810 SL 1.6890

Fore more information about Forex Signals and Market Updates, please visit EPIC RESEARCH PRIVATE LIMITED.

21May

IForex Market Trading Signals and News of 21st May 2014

TRADING TIPS

EUR/GBP
EUR/GBP was last at 0.8138, down 0.17% for the day after falling as low as 0.8120 earlier, the weakest level since early January 2013.The pair was likely to find support at 0.8120 and resistance at 0.8175.The annual rate of consumer inflation in the U.K. rose to 1.8%, up from 1.6% in March and ahead of expectations for 1.7%, the Office for National Statistics said.That means prices are rising faster than wage growth after data last week showed that average earnings rose by 1.7% in the three months to February, and by only 1.4% excluding bonuses.The rise in inflation was due in part to higher transport costs, the ONS said, as airlines pushed up ticket prices in time for the Easter holidays.On a month over month basis, consumer prices increased by 0.4% in April, compared to estimates for a 0.3% rise.

USD/JPY
USD/JPY was last down 0.12% to 101.36, not far from Monday’s low of 101.09, the weakest level since February 5.Investors remained cautious ahead of the minutes from the Federal Reserve’s latest monetary policy meeting on Wednesday, as they awaited insight on the central bank’s view of the economy.Recent U.S. economic reports indicating that the recovery remains uneven have weighed on U.S. Treasury yields, pressuring the dollar lower.Demand for the yen continued to be supported by expectations that the Bank of Japan will refrain from further stimulus measures in the near term.The BoJ was widely expected to keep monetary policy unchanged at the conclusion of its two-day meeting on Wednesday, after recent comments by Governor Haruhiko Kuroda indicated that the bank’s assessment of the economy remains upbeat.

RECOMMENDATION:

1. Buy GBP/USD Above 1.6840- TG: 1.6860/ 1.6890 SL 1.6810
2. Sell GBP/USD Below 1.6795- TG: 1.6775/ 1.6745 SL 1.6825

Fore more information about Forex Signals and Market Updates, please visit EPIC RESEARCH PRIVATE LIMITED.

 

 

19May
Forex Signals

IForex Market Trading Signals and News of 19th May 2014

TRADING TIPS

USD/CAD
GBP/USD hit 1.6841 during U.S. morning trade, the pair’s highest since May 14; the pair subsequently consolidated at 1.6832, rising 0.24%.Cable was likely to find support at 1.6733, Thursday’s low and resistance at 1.6902, the high of May 12.In a preliminary report, the University of Michigan said its consumer sentiment index fell to 81.8 in May, from a reading of 84.1 the previous month,compared to expectations for a rise to 84.5.Earlier Friday, official data showed that U.S. building permits rose 8% to 1.080 million units last month, from an upwardly revised 1.000 million in March. Analysts had expected building permits to rise to 1.010 million units in April.The report also showed that building starts rose to 1.072 million units in April, from 0.947 million in March, whose figure was revised up from a previously estimated 0.946 million. Analysts had expected building starts to rise to 0.980 million units last month.Meanwhile, the pound remained under pressure.

EUR/USD
EUR/USD down 0.01% to 1.3710.In a preliminary report, the University of Michigan said its consumer sentiment index fell to 81.8 in May, from a reading of 84.1 the previous month, compared to expectations for a rise to 84.5.Earlier Friday, official data showed that U.S. building permits rose 8% to 1.080 million units last month, from an upwardly revised 1.000 million in March. Analysts had expected building permits to rise to 1.010 million units in April.The report also showed that building starts rose to 1.072 million units in April, from 0.947 million in March, whose figure was revised up from a previously estimated 0.946 million. Analysts had expected building starts to rise to 0.980 million units last month.

RECOMMENDATION:

1. Buy GBP/USD Above 1.6840- TG: 1.6860/ 1.6890 SL 1.6810
2. Sell GBP/USD Below 1.6795- TG: 1.6775/ 1.6745 SL 1.6825

Fore more information about Forex Signals and Market Updates, please visit EPIC RESEARCH PRIVATE LIMITED.

15May
forex-trading3

IForex Market Trading Signals and News of 15th May 2014

TRADING TIPS

EUR/GBP
EUR/USD was trading at 1.3721, up 0.15% for the day after falling to lows of 1.3688 late Tuesday, the weakest since April 4.The pair is likely to find support at 1.3688 and resistance at 1.3770, Tuesday’s high.The euro has come under heavy selling pressure in recent sessions after the European Central Bank indicated late last week that it could ease monetary policy as soon as its next meeting in June, to stop inflation in the euro zone from falling too low.The euro fell to session lows against the yen earlier Wednesday and weakened to a more than one-and-a-half year low against sterling following reports that the ECB is preparing to cut rates next month. Reuters reported that the ECB is preparing a “package of measures” including cuts to all interest rates, with negative rates on bank deposits, as well as measures to bolster lending to small and medium size businesses.The report cam

GBP/USD
GBP/USD hit lows of 1.6760, the weakest since April 16 and was last trading at 1.6785, down 0.23% for the day.Cable was likely to find support at 1.6600 and resistance at 1.6881.In its quarterly Inflation Report the BoE said it now expects economic growth of 2.9% in 2015, up from 2.7% in its February report, and said the rate of growth this year would remain unchanged at 3.4%.The bank said it expects annual inflation to be close to its 2% target over the next two to three years if interest rates in the U.K. rise in line with expectations in financial markets.The BoE’s Monetary Policy Committee said there has been a “modest narrowing” in the amount of slack in the economy over the past three months but added that there is scope to further reduce slack before hiking rates.

RECOMMENDATION:
1. Buy GBP/USD Above 1.6790- TG: 1.6710/ 1.6740 SL 1.6765
2. Sell GBP/USD Below 1.6750- TG: 1.6730/ 1.6700 SL 1.6780

Fore more information about Forex Signals and Market Updates, please visit EPIC RESEARCH PRIVATE LIMITED.

14May
forex-market-hours

IForex Market Trading Signals and News of 14th May 2014

TRADING TIPS

EUR/GBP
EUR/GBP touched lows of 0.8138, the weakest level since January 2013, and was last trading at 0.8140, 0.18% lower for the day.The pair was likely to find support at 0.8085 and resistance at 0.8173, the session high.The drop in the euro came after media reports that Germany’s central bank is open to more stimulus measures from the ECB.The Wall Street Journal reported the Bundesbank would back monetary easing measures if they were needed to keep persistently low levels of inflation from becoming entrenched in the euro zone.The ECB warned last week that it is “comfortable” with acting at its next meeting in June after it has a chance to review the latest economic projections.The single currency also came under pressure after data showed that German economic sentiment fell to a 16-month low in May.

GBP/USD
GBP/USD hit 1.6826, the lowest since May 2 and was last down 0.15% to 1.6842.Cable was likely to find support at 1.6805 and resistance at 1.6937, Friday’s high.Sterling’s losses were held in check amid expectations that the BoE would upgrade its forecast for growth when it presents its quarterly inflation report on Wednesday.The latest U.K. jobs report, also due for release on Wednesday, is expected to show a another decline in the unemployment rate to a more than five year low of 6.8% in the three months to March, while wage growth is expected to rise again.A strong reading would reinforce expectations that the BoE will raise interest rates ahead of other central banks and send the pound rising towards recent almost five year peaks against the dollar.

RECOMMENDATION:
1. Buy GBP/USD Above 1.6905- TG: 1.6925/ 1.6955 SL 1.6875
2. Sell GBP/USD Below 1.6860- TG: 1.6840/ 1.6810 SL 1.6890

Fore more information about Forex Signals and Market Updates, please visit EPIC RESEARCH PRIVATE LIMITED.

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