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2. INTERNATIONAL CURRENCY BUZZ
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Forex- U.S. dollar rebounds against euro, after largest one-day drop since 2009.
Forex- Japanese yen flat after minutes show concern on consumer prices.
Forex- Euro sharply lower as dollar bounces back.
GBP/USD
GBP/USD pulled away from 1.4796, the session low, to hit 1.4895 during European morning trade, still down
0.58%.Cable was likely to find support at 1.4721, Tuesday's low and resistance at 1.5148, Wednesday's high.The
dollar regained some ground after broadly weakening when the Fed indicated on Wednesday that U.S. economic
growth has moderated and that interest rates will rise at a slower pace than previously forecast .The pound
trimmed losses against the U.S. dollar on Thursday, but remained under pressure as the greenback continued to
recover from news U.S. interest rates will most likely remain on hold for longer than expected. The pound had
dropped to nearly five-year lows against the greenback earlier Wednesday after the U.K. Office for National
Statistics said that the rate of unemployment was unchanged at 5.7% in the three months to January,
EUR/USD
EUR/USD ropped 1.96% to 1.0654, after rallying to highs of 1.1041 in the wake of Wednesday’s Fed statement,
well off Friday’s 12-year trough of 1.0461.The dollar initially sold off after the Fed downgraded its forecasts for
growth and inflation and lowered its interest rate projections after Wednesday’s policy meeting. The euro fell
almost 2% against the dollar on Thursday, giving up most of the gains from the previous session, when the dollar
turned sharply lower after the Federal Reserve struck a more dovish tone than expected on interest rates.The Fed
dropped a reference to being "patient" on the timing of rate hikes, but added that the change in its forward
guidance did not mean it has decided on the timing for an initial rate increase.
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INTRADAY OUTLOOK
Support: 1.4710
Resistance: 1.4770
RECOMMENDATION:
1. Buy GBP/USD Above 1.4772-TG: 1.4792/1.4822 SL 1.4742
2. Sell GBP/USD Below 1.4708-TG: 1.4688/1.4658 SL 1.4738
EUR/USD Hourly Chart
EPIC'S ANALYST SPEAKS
GBP/USD Hourly Chart
5. EPIC'S ANALYST SPEAKS
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EUR/USD Hourly Chart
INTRADAY OUTLOOK
Support: 1.0670
Resistance: 1.0730
RECOMMENDATION:
1. Buy EUR/USD Above 1.0732-TG: 1.0752/1.0782 SL 1.0702
2. Sell EUR/USD Below 1.0668-TG: 1.0648/1.0618 SL 1.0698
6. DISCLAIMER
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