The GBP/USD keeps strenghtening amid the USA weak statistics

29 April, 2015

The euro shows the steady growth against the dollar and it recorded slight increase after setting a new intraday high. The France consumer confidence index has grown for the third month in a row in April and has reached the highest level for more than five years. According to the Insee National Statistics Agency, the consumer confidence index in the Eurozone second largest economy rose up to 94 in April from March that is the highest level since January 2010.

The pair EUR/USD kept a positive attitude with the beginning of the new trading week, having found the support around 1.0880-1.0900 and tested the resistance near 1.0980-1.1000.

The support levels are 1.0880-1.0900, and the resistance levels are 1.1000-1.1020.

MACD is in a positive territory.

Trading recommendations
The pair is still being bought off on dips that allowed testing near 1.1000-1.1020. The support loss near 1.0750-1.0770 can signal about the downtrend resumption.

The British Pound continues to hold the leadership positions in the foreign exchange market. Yesterday the pound again strengthened against the dollar. There was published the main economic indicator - the first UK GDP assessment for the first quarter. The indicator was forecasted with growth by 0.5% q/q and 2.6% y/y after + 0.6% q/q, + 2.7% y/y in the previous quarter. However the results were lower: 0.3% q/q and 2 4 y/y.

The bears’ attempt to regain control over the pair pound / dollar was unsuccessful, reaching the 51st figure where the pair was bought off and having broken the resistance near the 52nd figure, it rose up above the level of 1.5260-1.5280.

The support levels: 1.5260-1.5280 and the resistance levels: 1.5400-1.5420.

The MACD indicator is in a positive territory.

Trading recommendations
It is possible the resistance around 1.5400-1.5420 testing, designated by us as the nearest target for bulls. The loss of the 52tnd figure may lead to decrease towards the 51st and this figure breakthrough will call into question the pound ability to continue its correction.

The Japanese yen came under pressure from the dollar part. However, pressure on the Japanese yen was short-lived and the yen soon leveled its losses. The Japan reports showed the retail sales impressive decrease in March - the trade volume fell by 1.9% m/m and up to -9.7% y/y vs. 0.7% m/m -1.7% y/y in February while it was expected a growth on the month basis by 0.6% m/m and year on year decline to -7.4% y/y Having started the new week with a positive attitude, the US dollar rose slightly against the Japanese yen, having tested the resistance near 119.25-119.45. However, the US dollar failed to continue its growth and it again came under pressure, having declined.

The support levels: 117.95-118.15, and the resistance levels: 119.25-119.45.

The MACD indicator is in a negative territory.

Trading recommendations
The downside risks towards the 116th figures are still high although bears still need to break through the support near 117.95-118.15.

Ruban Sergey
Analyst of «FreshForex» company

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Selling from the area 1.5553-1.5562

Daily chart: the pair is striving to reach the upper Bollinger band (1.5715), but ADX show weaknesses, so we wait a strong resistance in this area...

Passing moves with local advantage of bulls

Daily chart: the pair is moving within the Bollinger envelopes, being "surrounded" by two colliding O&U s - from north it is from 1.1110, from south it is coming from 1.0825...

British Pound generally targets 1.54

Daily chart: a bearish pin from the upper Bollinger band has been produced , which almost certainly will bring the pair to the bottom Bollinger band in the next few days (1.5403)...

In the event of a rollback to 123.70 we should sell

Daily chart : the middle Bollinger band (123.14) is being tested and, apparently, decline to the bottom band (121.36) will continue...

Selling from 123.70

The daily chart: the pair turns to be in flat within the envelope Bollinger, however, here is a loss of support from the middle band (123.21), we see a dive to the bottom envelope in the direction of the bottom line (121.36)...

Flat 1.0963 -1.1006

Daily chart: the middle Bollinger band (1.1026) has been reached and, in contrast to descending envelopes and passive ADX, we can expect decline to the bottom band (1.0784) prior to a new upward dash...

Looking for growth to 1.0959-1.0978 and decline to 1.0881

Daily chart: bulls are moving to the middle Bollinger band (1.1026), from where a pullback is probable to happen to the area of demand in Euro configured by the pattern O&U (1.0825)...

Waiting for a pullback from the area 1.0978 and then we shall buy again

Yesterday the pair has confirmed its correctional potential. The nearest strong resistance - the middle Bollinger band (1.1047), from where Euro can go to 1.0825, accumulating a probable demand within the frames of O&U pattern. From this area, it can move even upper to 1.1280 and 1.1380...

Gold is losing its weight

This week we have at least three reasons to expect a descending tendency to go on. 1. US currency is demonstrating a confident growth of quotations...

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