Greece's Government managed to pass the key reform measures necessary for starting the negotiations for the new 86 billion EURO bailout, but the news did not have any impact on EURUSD.

GBPUSD lost some ground after the release of Bank of England minutes that revealed a hawkish stance of some of its members. Key data out of UK today are Retail Sales which are expected to show a small decline compared to earlier month.
Crude oil made a new low at 49.05 after an unexpected increase in US oil supplies. The drop also affected oil exporting currencies such as the USDCAD which posted a new 6 year high at 1.3050.

NZDUSD strengthened following the widely expected rate cut from the nation's Central Bank. This was the second rate cut in 6 weeks.

GOLD was once again under pressure yesterday and posted new lows at 1086. The metal is under pressure and further drop cannot be excluded.

Today the economic Calendar includes the release of US Initial Jobless claims and Canadian Retail Sales. As mentioned, UK will also release the June Retail Sales.

Trading Quote of the Day:

“The Road to Success is Always under Construction”

Green lines are resistance, Red lines are support

EURUSD
Pivot: 1.0965
Likely scenario: Short positions below 1.0965 with targets @ 1.0915 & 1.087 in extension.
Alternative scenario: Above 1.0965 look for further upside with 1.0985 & 1.1035 as targets.
Comment: The upward potential is likely to be limited by the resistance at 1.0965.

GBPUSD
Pivot: 1.558
Likely scenario: Long positions above 1.558 with targets @ 1.564 & 1.5675 in extension.
Alternative scenario: Below 1.558 look for further downside with 1.555 & 1.5525 as targets.
Comment: The RSI is well directed.

AUDUSD

Pivot: 0.741
Likely scenario: Short positions below 0.741 with targets @ 0.7345 & 0.7325 in extension.
Alternative scenario: Above 0.741 look for further upside with 0.743 & 0.745 as targets.
Comment: As long as 0.741 is resistance, look for choppy price action with a bearish bias.