Forex Signals Report - August 15th 2013
The Euro remained under pressure on Wednesday against the U.S dollar despite the Preliminary GDP of France and Germany a considerable improvement along with the Eurozone's Flash GDP that indicates that the Eurozone is technically out of recession.
The pair has already given 61% bearish correction of its bullish rally that it gave last week, but unfortunately the pair closed below the important support level of 1.3293 on Tuesday. This has led the pair to enter the bearish zone technically, and that is the reason why it failed to gain yesterday despite good fundamentals. Binary options on the pair remained stagnant.
Currently the pair is trading at 1.3255 at the start of the Asian session on Thursday where a move above its today's pivot point 1.3273 could take it the strong resistance level at 1.3293 where sellers might re-enter the market. However, if it manages to break 1.3313 resistance level then its next target would be 1.3334, while selling opportunity remains there as long as the pair moves below 1.3300.
After the bullish rally held last week, the pair gave 38.2% bearish correction on Fibonacci retracement scale, and then headed back up as it gained nearly 85 points yesterday. The Claimount Count Change data and Asset purchase facility delighted the investors as there is no need for the U.K economy to pump more money in the market, as the services and construction sector along with the consumer spending power is improving.
Currently the pair is trading at 1.5502 where a move above 1.5511 could lead it to test its yesterday's high of 1.5540, breaking of which could show 1.5552. Whereas on the downwards side, a move below the support level of 1.5484 would allow the sellers to enter the market and take the pair down to test its next support levels at 1.5470 and 1.5496.
The unemployment claims of the U.S are due today where better than expected data could create curtains for the pound and it may re-enter the bearish streak yet again.
Aussie gave bearish correction of 50.0% on Fibonacci retracement scale on Monday and Tuesday, after which it bounced back up from its strong support level at 0.9082 and continued its technical move on Wednesday where it gained around 60 points.
The pair is still trading in the short-term bullish zone where it may continue to head towards a good recovery if it manages to break the resistance level of 0.9158 that could take it to test 0.9176 and 0.9195.
It is currently trading at 0.9121 where a move below its today's pivot point 0.9118 could lead it to fall down to its next support levels of 0.9100 and 0.9082. The pair must sustain above 0.9065 in order to remain bullish, or else bears would take over control yet again if Aussie trades below this level.
All eyes are on the unemployment claims data and the U.S inflation numbers that are due today in the U.S stock market session.