Market Commentary

The EURUSD gapped down over the weekend and fell below 1.12 at the Asian open, after Greek Prime Minister Alexis Tsipras went on the offensive, seemingly pushing back against the latest offer from the International Monetary Fund, European Union and the European Central Bank announcing a bank holiday, capital controls, referendum on bailout July 5, Reuters reports cash machines running dry, long gas queues. The euro fell to 1.053 in Asian trade.

GBP lifted in the second straight day on Friday on the back of revitalized prospects for a rise in British interest rates at the end of this year. A lift in wage growth and signs of renewed disagreement on the Bank of England’s policy committee to keeping rates on hold at record lows have provoked investors to price in a chance of a rise as early as December.

USDJPY lifted to 123.85, but was off from the weekly high of 124.37. Figures released on last Friday showed Japan’s household spending in May rose for the first time in more than a year. A robust jobs market drove hopes that companies will begin lifting wages needed to spark inflation towards the Bank of Japan’s 2 percent goal.


Technical Commentary

EURUSD Short Term (1-3 Days): Bearish – Medium Term (1-3 Weeks) Bearish

  • Pivotal 1.1050 level will be closely watched on a closing basis, if this level survives on a daily close basis then the broader corrective phase remain intact, a loss of 1.1050 targets 1.08 as the next downside objective.

  • Daily Order Flow bearish; OBV down, Linear Regression and Psychology bearish

  • Monitoring intraday price and Order Flow indicators on a test of 1.16 or 1.1050

EURUSD

GBPUSD: Short Term (1-3 Days): Bearish – Medium Term (1-3 Weeks) Bearish

  • 1.57 survives again on a closing basis, as 1.5830/50 caps upside reactions expect test of primary trendline support at 1.5550, above 1.5850 opens retest of highs and 1.60 beyond, below 1.5550 opens 1.5350 next.

  • Daily Order Flow bearish; OBV sideways, Linear Regression and Psychology bullish but pulling back to test midpoints from above

  • Monitoring intraday price action and Order Flow indicators on a test of 1.57 or 1.6010

GBPUSD

USDJPY: Short Term (1-3 Days): Bullish – Medium Term (1-3 Weeks) Bullish

  • 122 pivotal support while 122.50 contains downside expect test of 125, failure at 122.50 opens pivotal 122 and the 121 corrective equality target below, while 125 caps upside expect test of 122, above 125 targets 127/128 next

  • Daily Order Flow bullish ; OBV sideways, Linear Regression and Psychology continue to rotate around midpoints with bearish bias

  • Monitoring intraday price action and Order Flow indicators on a test of 128 or 122/21

USDJPY

EURJPY: Short Term (1-3 Days): Bearish – Medium Term (1-3 Weeks) Bearish

  • Price gapped through 137 support area and is currently testing the secondary 133/34 area a failure here will open a retest of the 130 level. While 133 supports expect retest of broken trendline support form below towards 138.

  • Daily Order Flow bearish; OBV down, Linear Regression and Psychology pierce midpoints from above but lack momentum

  • Monitoring intraday price action and Order Flow indicators at 138 and 133

EURJPY

All comments, charts and analysis on this website are purely provided to demonstrate our own personal thoughts and views of the market and should in no way be treated as recommendations or advice. Please do not trade based solely on any information provided within this site, always do your own analysis.

Recommended Content


Recommended Content

Editors’ Picks

EUR/USD steady below 1.0800 after US PCE meets expectations

EUR/USD steady below 1.0800 after US PCE meets expectations

EUR/USD remains depressed below 1.0800 after soft French inflation data, amid minimal volatility and thin liquidity on Good Friday. The pair barely reacted to US PCE inflation data, with the Greenback shedding some pips.  Fed Chair Jerome Powell set to speak ahead of the weekly close.

EUR/USD News

GBP/USD hovers around 1.2620 in dull trading

GBP/USD hovers around 1.2620 in dull trading

GBP/USD trades sideways above 1.2600 amid a widespread holiday restraining action across financial markets. Investors took a long weekend ahead of critical United States employment data next week. Fed Chair Powell coming up next.

GBP/USD News

Gold price sits at all-time highs above $2,230

Gold price sits at all-time highs above $2,230

Gold price holds near a fresh all-time high at $2,236 in thinned trading amid the Easter Holiday. Most major world markets remain closed, although the United States published core PCE inflation, the Federal Reserve’s favorite inflation gauge.

Gold News

Jito price could hit $6 as JTO coils up inside this bullish pattern

Jito price could hit $6 as JTO coils up inside this bullish pattern

Jito (JTO) price has been on an uptrend since forming a local bottom in early January. Since then, JTO has revisited the key swing point formed in early December, suggesting the bulls’ intention to move higher.

Read more

Key events in developed markets next week

Key events in developed markets next week

Next week, the main focus will be inflation and the labour market in the Eurozone. We expect services inflation to be impacted by the easter effect, while the unemployment rate to be unchanged.

Read more

Majors

Cryptocurrencies

Signatures