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30th June 2015 Market Outlook

Euro Yen – EUR/JPY pullback to its 138.01 resistance level and filled the gap. Given that the short term momentum is bearish at the moment, traders may consider selling short at this 138.01 resistance level. If price fell lower from here, price is then likely going to retest its 133.73 support level in the coming days. Traders who intended to short this market will need to trail the stop closely as the uncertainty in Greece may cause price to fluctuate wildly.

 

 

EURJPYrH4

 

Pound Dollar – GBP/USD is currently trading at its 1.5690 support level. The market is undecided on which way it wants to head yet but given that the trend is still bullish, we could potentially see price rally higher. However if price breaks the 1.5690 support level, we are then likely going to see price continue to move lower into its 1.5443 support level. If price indeed decline into its 1.5443 support level, traders may still look for long opportunities to trade in line with the bullish trend.

GBPUSDrDaily

 

Pound Swiss Franc – GBP/CHF printed a triple top chart formation at its 1.4652 resistance level. GBP/CHF fell lower after price breaks the neckline of the triple top but price is making its way back to the neckline or 1.4652 resistance level. If price rejects the 1.4652 resistance level, traders may then consider selling short at this 1.4652 resistance level. The next support level is not found until 1.4441 support level thus traders have a huge profit margin to trade the short side.

GBPCHFrH4

Posted on 2015-06-30 06:30:59



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