The markets have been relaxed during the European session with major FX pairs and European indices trading in a tight range as markets wait for the outcome of voting within the Greek parlianment over the next set of bailout conditions.
Across the Atlantic, USDCAD continues it climb towards an 11 year high and is trading at 1.3115 at time of writing, with next resistance at 1.3145.
GOLD in the meanime continues its glacier style slide reaching a low of $1087 although rebounding slightly, now trading at $1090.
All eyes are now on the US as traders wait for homes sales data for June at 14:00GMT. Will data continue to impress, further increasing speculation of an early rate increase by the Fed?
Trading quote of the day:
“The most important organ in the body as far as the stock market is concerned is the guts, not the head. Anyone can acquire the know-how for analyzing stocks.” – Peter Lynch
Green lines are resistance, Red lines are support
EURUSD
Pivot: 1.0905
Likely scenario: Long @ 1.0930 with targets @ 1.0985 & 1.1035 in extension.
Alternative scenario: Below 1.0905 look for further downside with 1.087 & 1.081 as targets.
Comment: The RSI is supported by a rising trend line.
GBPUSD
Pivot: 1.555
Likely scenario: Long positions above 1.555 with targets @ 1.5675 & 1.573 in extension.
Alternative scenario: Below 1.555 look for further downside with 1.5525 & 1.5495 as targets.
Comment: The RSI is well directed.
AUDUSD
Pivot: 0.7385
Likely scenario: Long positions above 0.7385 with targets @ 0.745 & 0.7475 in extension.
Alternative scenario: Below 0.7385 look for further downside with 0.7345 & 0.7325 as targets.
Comment: The RSI lacks downward momentum.
USDJPY
Pivot: 124
Likely scenario: Short positions below 124 with targets @ 123.55 & 123.35 in extension.
Alternative scenario: Above 124 look for further upside with 124.25 & 124.5 as targets.
Comment: The RSI is mixed to bearish.