OctaFX | OctaFX Forex Broker
Open trading account
Back

Forex: GBP/JPY support holds at 151.00 as dip buyers remain active

FXstreet.com (Barcelona) - The GBP/JPY finished the day 16 pips lower at 151.79. The pair traded as low as 150.89 before finding firm support at the 9 dma, and is still up an impressive 6.08% MTD in April.

According to Fan Yang of FXTimes, “The 4/22 US session brought the pair lower to test the 200-hour SMA near the 151.00 handle. A little lower, we also have a projected rising trendline, and a pivot area going down to about 150.50. The RSI is at 40, below which the bullish momentum established by the most recent upswing would be lost.”

He went on to add, “A break below 150.50, especially with a failed pullback that holds below 151, would open up the 148-148.10 support pivot and then the 146.41 pivot. A rally back above the 151.60 area likely puts the focus back at the 152.50 resistance area, a break above which opens up the April high at 153.85.”

The FXStreet.com Trend Index on the daily chart remains slightly bullish, while the OB/OS index remains neutral. Short term moving averages remain in bullish set technical set up, with price above both the 9day and 20day ma’s which are upward sloping. Both of these developments are constructive, and should help keep any declines relatively shallow in the coming sessions.

Forex Flash: Awaiting the HSBC China PMI - NAB

The HSBC flash manufacturing PMI in China will be the event to keep an eye on in Asia. The release is at 1.45GMT, with the medium forecast at 51.5 in April vs 51.6 for March. According to NAB strategists, "a downside surprise would have an impact on the AUD." NAB lowered its 2013 Chinese growth forecast from 8.2% to 7.9% after the Q1 GDP disappointment.
Read more Previous

Forex: NZD/USD above 0.84 ahead of China HSBC PMI & RBNZ

NZD/USD is last back to where it closed last week at 0.8426, off double weekly low at 0.8392, following rejection from early weekly high at 0.8464, printed in early Hong-Kong trade. The pair has been flat for last 5 days, after it retraced from fresh 1.5-year high April 11 at 0.8677, ahead of key risk event today at 01:45 GMT in the form of HSBC flash PMI manufacturing China.
Read more Next
Start livechat