OctaFX | OctaFX Forex Broker
Open trading account

Forex: GBP/USD retakes 1.5300

FXstreet.com (Barcelona) - Poor data from the US labour market coupled with a contraction of the manufacturing sector gauged by the Philadelphia Fed index have sparked a sell-off in the greenback.

The disappointing data gave riskier assets some oxygen, lifting the pound, among others, to session highs around the key 1.5300 handle. According to Karen Jones, Head of FICC Technical Analysis at Commerzbank, “Short term rallies are expected to remain capped 1.5285/1.5335. Key resistance is regarded as its 1.5601/50% retracement of the move seen this year, while capped here the market is viewed as having topped”.

At the moment, the cross is up 0.53% at 1.5316 with the next resistance at 1.5331 (high May 14) followed by 1.5339 (38.2% of 1.5607-1.5173) and finally 1.5370 (MA30d).
On the downside, a break below 1.5173 (low May 15) would expose 1.5128 (61.8% of 1.4832-1.5607) and then 1.5034 (low Apr.4).

Forex Flash: NZD/USD strategy profile – Westpac

The New Zealand calendar highlight next week is the RBNZ’s survey of inflation expectations (Tuesday). According to Sean Callow, a Global FX Strategist at Westpac, “We expect a soft outcome given the surprisingly low level of actual inflation during the past few quarters.” - also out will be services PMI (Monday), migration and credit card spending (Tuesday), and the trade balance (Friday).
Read more Previous

Forex: AUD/USD - recovering back to 9850

The Aussie picked has way back up, dusting off the hits from the stop losses to the 200w ma location again on the back of poor US data.
Read more Next
Start livechat