Iforex Market Insight

INTERNATIONAL CURRENCY
BUZZ

ECONOMIC CALENDAR

GBP/USD HOURLY CHART

EUR/USD HOURLY CHART

EPIC RESEARCH SINGAPORE

Iforex Market Insight
Date – 16– May

INTERNATIONAL CURRENCY BUZZ

Forex -Dollar edges higher ahead of U.S. economic reports
Forex -Dollar slips against yen, edges higher vs. euro
Forex-Yen gains further in Asia as Kuroda defends negative rates
EUR/USD
EUR/USD fell sharply on Friday, as the dollar continued its rally from 9-month lows amid an
unexpected surge in U.S. consumer sentiment.The currency pair traded in a broad range
between 1.1283 and 1.1379, before settling at 1.1313, down 0.0061 or 0.56% on the session. At session-lows, the euro fell below 1.13 against the dollar for the first time in the
month of May. The euro has now closed lower versus the dollar in eight of the last nine
sessions. Despite the recent downturn, the euro is still up against American counterpart by
more than 4% since the start of the year.EUR/USD likely gained support at 1.0538, the low
from December 3 and was met with resistance at 1.1496, the high from Oct. 15.

GBP/USD
GBP/USD is currently trading with a slight bullish bias. Yesterday, the pair broke above the
channel but ended up within the same channel. As long as the pair trades within this
channel, expect a rally to the lower side, a clear breakout above 1.4480 will lead to an acceleration to the upper side but should not go above 1.46637. During this intraday, key
levels to look for include 1.4106, 1.4178, 1.4304, 1.44061, 1.4480, and 1.4663. This pair
should be traded alongside AUD/USD, GBP/CHF, NZD/USD, and GBP/CHF. These pairs have
a strong positive correlation of up to +0.92 and will likely have a similar price action during
this intraday.

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Iforex Market Insight
Date - 16– May

ECONOMIC CALENDAR
Time

Cur.

Event

Forecast

Previous

Monday, May 16, 2016

All Day

Holiday

Switzerland - Whit Monday

05:20

JPY

CGPI (MoM) (Apr)

-0.1%

05:20

JPY

CGPI (YoY) (Apr)

-3.8%

12:00

INR

WPI Food (YoY) (Apr)

3.73%

12:00

INR

WPI Fuel (YoY) (Apr)

-8.30%

12:00

INR

WPI Inflation (YoY) (Apr)

12:00

INR

WPI Manufacturing Inflation (YoY) (Apr)

18:00

USD

NY Empire State Manufacturing Index (May)

7.00

9.56

19:30

USD

NAHB Housing Market Index (May)

59

58

Iforex Market Insight Report By Epic Research Singapore

-0.20%

-0.85%

-0.13%

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Iforex Market Insight
Date - 16– May

GBP/USD HOURLY CHART

BUY GBPUSD ABOVE 1.4440 TARGET 1.4460 1.4490 SL 1.4410
SELL GBPUSD AROUND 1.4445-1.442 TARGET 1.4422 1.4392 SL 1.4475

EUR/USD HOURLY CHART

BUY EURUSD AROUND 1.1315-1.1317 TARGET 1.1335 1.1390 SL 1.1285
SELL EURUSD BELOW 1.1280 TARGET 1.1260 1.1230 SL 1.1310

Iforex Market Insight Report By Epic Research Singa-

www.epicresearch.sg

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