Free Forex Analysis for 11.05.2015

Free Forex Signals for 11.05.2015

Today’s Currency Movers


The USD holds onto Wednesday’s gains, as the market continued to partially price in a December Fed rate hike.

EURUSD made 1.0833 lows, and now trades just below support turned resistance 1.09.

USDJPY, touched better than two-month highs near 122.00.

Oil prices are lower, which is keeping the USDCAD higher.

The GBPUSD is under pressure, now at a six session low, after the BoE announcement, where the vote was 8-1 in favour of no change to policy. The pound took a hit on the BoE’ lowered growth and inflation forecasts for this year and next.



EURUSD, the difference in guidance from the Fed and the guidance from the ECB remains wide. The opposite policy positions from the two Central Banks is seen as a main driver for the current state of the EURUSD trade. The U.S. Fed is still seen as Hawkish (higher rates) while the ECB is viewed by the market as on the Dovish (lower rates) side.

The EURUSD dropped back to the mid 1.08s in Asian trade and remains below the 1.09 support thus far during this European session. The pair, however, does remain above its July low (1.0808). Potential trade set ups: Short sellers may remain on alert for any signs of market strength to sell into for targets 1.0810′s and 1.0660′s further out, while Longs may sit and wait for a break above 1.11 for a potential 1.1220.






GBPJPY, has been in a recovery from 180.60′s lows through today’s recovery high at 187.68. Upside price potential looks limited in the short term to 188.00, however any break above 188.00 could open up further moves higher. Stochastic momentum analysis remains overextended, current price trades above the valid upward trend line, and MA analysis are mixed.


Janne Muta

Chief Market Analyst

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About Janne Muta, HotForex’s Chief Market Analyst

jmutaJanne Muta is a seasoned industry professional with over 16 years experience in the global markets. Originally from Finland, Janne has worked for institutions in both Helsinki and London as an institutional fund manager, global market analyst and FX educator.

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