There is nothing to really trade today as European& UK newsflow is quiet, with very little on the calendar to finish the week.Also US markets are closed for Independence Day, likely to keep newsflow and trading volumes very light.
However, here is a brief catch up on which currencies I’m looking at trading in the longer term and why.
The GBP is currently a very bullish currency that is being driven by speculation of a interest rate hike from the Bank of England by the end of 2014, I’m looking for a nice sell off on GBP/USD in order to start buying it back,good levels of support are around 1.7000 to 1.6800 with a long-term target of 1.7500 in the coming months.
I’m still viewing the euro as a bullish currency as long as it holds above 1.3500, this is because the market is still disappointed with the ECB, the market wants the ECB to introduce a QE programme in order to start selling euros,so until this point I will have a bullish bias on the euro. 1.3500 stands as strong support for the time being, you could look to buy the euro from 1.3550 with along-term target of 1.3800.
However, here is a brief catch up on which currencies I’m looking at trading in the longer term and why.
The GBP is currently a very bullish currency that is being driven by speculation of a interest rate hike from the Bank of England by the end of 2014, I’m looking for a nice sell off on GBP/USD in order to start buying it back,good levels of support are around 1.7000 to 1.6800 with a long-term target of 1.7500 in the coming months.
I’m still viewing the euro as a bullish currency as long as it holds above 1.3500, this is because the market is still disappointed with the ECB, the market wants the ECB to introduce a QE programme in order to start selling euros,so until this point I will have a bullish bias on the euro. 1.3500 stands as strong support for the time being, you could look to buy the euro from 1.3550 with along-term target of 1.3800.
At no time should anyone view the information presented anywhere on this website as advice, recommendation or proven. Everything reflected is merely opinion and may not be accurate. The purpose of the site is to express the opinions and views of Jarratt Davis. There is no intention to offer specific help, advice or suggestions to anyone reading any of the content posted here.
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Editors’ Picks
AUD/USD remained bid above 0.6500
AUD/USD extended further its bullish performance, advancing for the fourth session in a row on Thursday, although a sustainable breakout of the key 200-day SMA at 0.6526 still remain elusive.
EUR/USD faces a minor resistance near at 1.0750
EUR/USD quickly left behind Wednesday’s small downtick and resumed its uptrend north of 1.0700 the figure, always on the back of the persistent sell-off in the US Dollar ahead of key PCE data on Friday.
Gold holds around $2,330 after dismal US data
Gold fell below $2,320 in the early American session as US yields shot higher after the data showed a significant increase in the US GDP price deflator in Q1. With safe-haven flows dominating the markets, however, XAU/USD reversed its direction and rose above $2,340.
Bitcoin price continues to get rejected from $65K resistance as SEC delays decision on spot BTC ETF options
Bitcoin (BTC) price has markets in disarray, provoking a broader market crash as it slumped to the $62,000 range on Thursday. Meanwhile, reverberations from spot BTC exchange-traded funds (ETFs) continue to influence the market.
US economy: slower growth with stronger inflation
The dollar strengthened, and stocks fell after statistical data from the US. The focus was on the preliminary estimate of GDP for the first quarter. Annualised quarterly growth came in at just 1.6%, down from the 2.5% and 3.4% previously forecast.