Greek reforms have just come through on the wire and they actually look credible, but take it with a grain of salt as the Euro-zone politics have so far been a rollercoaster that does not look to be ending any time soon. So what do the reforms spell out: well for one they remove the VAT tax breaks the tourist islands received, and also look to boost tax overall in order to prop up the prospects of a surplus.

What has the market made of all this? Well equities are always going to be the winner here. The S&P 500 has rushed up the charts in response as it views all of this as positive news. Additionally, the DAX and FTSE are also looking bullish for a change. For the most part we are going to see a return to risk positive attitudes.

The USDJPY has been the first victim to see strong selling pressure of the Yen again as people look to unwind hedging positions in the market - even despite the weak US result today which showed a rise in US unemployment claims. Resistance levels are looking fairly strong at 121.966, but the market may need some further pushing to crack through, and any push is likely to be met with fierce resistance at 122.935. PPI is also due out shortly for Japan but it's likely to only have a marginal impact, while consumer confidence data is likely to have a slightly larger impact; both though will not have any effect compared to Greece.

Oil has taken a massive slide down the charts, and the possibility of bulls returning is not to faint and idea, especially after it held up strongly on support at 51.722. When looking for higher highs resistance at 54.82 is likely to be the next major level. But the main reason for further rises will be if the market sees demand returning to the market, something that a Greek reform may stoke up speculation over. As the threat so far has weighed heavily on commodity markets such as oil which rely on positive economic activity to really thrive.

The kiwi continues to flap its wings and climb higher on the charts and the recent movements show there is some unwinding of positions. However, a dead cat bounce is also a realistic possibility as of late. Looking at the NZDUSD it technically I can see there is a strong bearish trend line traders will be seeking on their push down. Resistance is likely to bet at the trend line and the level at 0.6809, any higher and it's looking very bullish and that would surprise me given the weak conditions we have seen in the NZ economy recently.

The AUDNZD is also worth taking a notice in as it has come under a lot of pressure and we have seen some falls there. Support can be found at 1.0945, and it's likely we will see a push here from traders before the continued bullish moment that has been historically missing over the last year or so.  

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