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Forex: GBP/USD accelerates its correction lower

FXstreet.com (Barcelona) - After hitting fresh intraday highs in the boundaries of the key resistance at 1.5600 on Wednesday, the sterling commenced a correction lower, partially retracing earlier gains to the proximities of 1.5545/50.

Softer US data from the employment and manufacturing sectors lifted the greenback, adding to the selling pressure as well. Ahead in the day, the FOMC meeting is due next. “We only expect minor alterations but given the current momentum in favour of dollar selling, that might be enough to trigger further falls over the very short-term”, suggested Derek Halpenny, Strategist at BTMU.

GBP/USD is now up 0.12% at 1.5553 with the next resistance at 1.5606 (50% of Jan-mar decline) followed by 1.5690 (high Feb.13) and then 1.5810 (high Feb.11).
On the flip side, a breach of 1.5528 (hourly low May 1) would then target 1.5476 (low Apr.29) and finally 1.5418 (low Apr.26).

Forex: AUD/USD falls 100 pips and erases weekly gains, at 1.0282

The AUD/USD is plunging since the publication of US weak ADP employment, from 1.0350, and as went as low as 1.0275 low, falling by 100 pips on the day. The cross is currently trading at 1.0282, Friday’s close, which means it has fully retraced this week’s gains. The US ADP employment report came in lower than expected, at 119K in April instead of the 150K expected, also with the March figure being revised lower from 158K to 131K. Investors will now be eyeing the FOMC meeting.
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Commodities Brief: Gold and oil suffer amid risk aversion

Commodities came under pressure during the New York session, with oil extending losses into a second day, after the US ADP employment report and the ISM manufacturing figures came in worse-than-expected, triggering risk aversion across the board.
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