Daily I Forex Market News by EPIC RESEARCH 6th February 2014

TRADING TIPS

• BUY EUR-GBP ABOVE 0.8330 TGT 0.8355,0.8390 SL 0.8290

• SELL USD-CAD BELOW 1.1040 TGT 1.1015 ,1.0980 SL 1.1080

• Forex – EUR/USD down in European trade

• Forex – USD/CAD up in European trading hours

• Forex – AUD/USD down in European trading hours

   

Forex – U.S. futures point to lower open ahead of ADP jobs report, ISM

Last U.S. stock market futures pointed to a lower open on Wednesday, as investors looked ahead to key U.S. economic data later in the day for further indications on the strength of the economy and the future course of monetary policy.

U.S. futures point to lower open ahead of ADP jobs report, ISMU.S. stock futures point to lower open ahead of data.

Ahead of the open, the Dow Jones Industrial Average futures pointed to a loss of 0.3%, S&P 500 futures signaled a drop of 0.4%, while the Nasdaq 100 futures indicated a decline of 0.4%.

Wall Street ended modestly higher on Tuesday after data showed that U.S. Factory orders fell less-than-expected in December.

Ahead of the bell, the U.S. is to release the ADP report on private sector job

creation, which leads the government’s highly-anticipated nonfarm payrolls report by two days, while the ISM is to publish data on service sector activity shortly after markets open.

Investors will also watch speeches from Philadelphia Federal Reserve President Charles Plosser and Atlanta Fed President Dennis Lockhart later in the day.

EUR/USD dipped 0.05% to 1.3510, holding above the ten-week lows of 1.3476 struck on Monday.The pair was likely to find support at 1.3476 and resistance at 1.3572. The euro found support after data showed that the euro zone’s private sector posted its strongest growth in more than two-and-a half years in January.

Markit said the final reading of the euro zone composite output index came in at 52.9 in January, slightly lower than the preliminary estimate for 53.2, but up from 52.1 in December.

HOURLY EURUSD CHART

ANALYSIS

EURUSD LOOKS DOWNSIDE

TREND: BEARISH

STRATEGY:

BUY ABOVE RESISTANCE

SELL BELOW SUPPORT

RESISTANCE: 1.3540

SUPPORT: 1.3470

HOURLY USDJPY CHART

USDJPY LOOK DOWNSIDE

TREND: BEARISH

STRATEGY:

BUY ABOVE RESISTANCE

SELL BELOW SUPPORT

RESISTANCE: 101.70

SUPPORT: 101.10

HOURLY EURGBP CHART

USD/CAD LOOKS DOWNSIDE

TREND: BEARISH

STRATEGY:

BUY ABOVE RESISTANCE

SELL BELOW SUPPORT

RESISTANCE: 1.1140

SUPPORT: 1.1029

HOURLY EURGBP CHART

ANALYSIS

USD/CAD LOOKS DOWNSIDE

TREND: BEARISH

STRATEGY:

BUY ABOVE RESISTANCE

SELL BELOW SUPPORT

RESISTANCE: 1.1140

SUPPORT: 1.1029

HOURLY GBPUSD CHART

GBPUSD LOOKS DOWNSIDE

TREND: BEARISH

STRATEGY:

BUY ABOVE RESISTANCE

SELL BELOW SUPPORT

RESISTANCE: 1.6370

SUPPORT: 1.6260

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