INTERNATIONAL CURRENCY BUZZ
- Forex – EUR/USD moderately higher despite weak Ifo data.
- Forex – Aussie, kiwi move higher ahead of Yellen speech.
- Forex – Yen trends weaker after corporate services, PBOC jawbones banks.
The euro was moderately higher against the U.S. dollar on Thursday, despite the release of downbeat data from Germany, as sentiment on the greenback remained fragile ahead of a speech by Federal Reserve Chair Janet Yellen due on Friday.EUR/USD hit 1.1280 during European morning trade, the session high; the pair subsequently consolidated at 1.1272, up 0.08%.The pair was likely to find support at 1.1239, the low of August 17 and resistance at 1.1316, Wednesday’s high.Data earlier showed that the German Ifo Business Climate Index fell to 106.2 this month from a reading of 108.3 in July, missing forecasts for a rise to 108.5.
GBP/USD
GBP/USD is currently trading with a bearish bias. Yesterday, the pair traded short as previously forecasted but is yet to reach our target support level 1.3134. During this intraday, we expect a possible bearish price movements towards our previously set target o even lower. The current upward rally is a mere retracement and should not go beyond 1.3230, a clear breakout above this level may invalidate the anticipated downward rally. This pair should be traded alongside GBPCAD, GBP/NZD and GBP/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 1.3245 TGT 1.3265 1.3295 SL 1.3215.
- SELL GBPUSD BELOW 1.3160 TGT 1.3140 1.3110 SL 1.3190.
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