INTERNATIONAL CURRENCY BUZZ
- Forex – EUR/USD trims gains after E.Z. PMI reports.
- Forex – Aussie, kiwi move higher after Wheeler comments.
- Forex – Kiwi gains further, yen Aussie also up as dollar dips in Asia.
The euro trimmed gains against the U.S. dollar on Tuesday, after the release of mixed manufacturing and service sector activity data from the euro zone, although sentiment on the greenback remained fragile ahead of Friday’s speech by Federal Reserve Chair Janet Yellen.EUR/USD pulled back from 1.1355, the session high, to hit 1.1334 during European morning trade, still up 0.12%.The pair was likely to find support at 1.1268, Monday’s low and resistance at 1.1367, the high of August 18 and a nearly two-month high.Earlier Tuesday, research group Markit said Germany’s manufacturing purchasing managers’ index slipped to a two-month low of 53.6 in August from 53.8 the previous month, confounding expectations for a slip to 53.5.Germany’s services PMI fell to a 15-month low of 53.3 this month from 54.4 in July, compared to expectations for an unchanged reading.
GBP/USD
GBP/USD is currently trading with a bullish bias. Following the breakout above 1.3134, we remain long and expect a breakout above 1.3167 to culminate in to an new impulsive rally to the upper side. In the meantime, we wait for minor corrective rally to the lower side to give us low risk buy opportunities with a target at 1.3345. This pair should be traded alongside EUR/USD, NZD/USD, AUD/USD, EUR/JPY and AUD/JPY. These pairs have a strong positive correlation of up to +0.92 and will have a similar price action during this intraday.
RECOMMENDATION :
- BUY GBPUSD ABOVE 1.3210 TGT 1.3230 1.3260 SL 1.3180.
- SELL GBPUSD BELOW 1.3130 TGT 1.3100 1.3070 SL 1.3160.
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