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CURRENCIES TECHNICAL ANALYSIS June.26

Eur/Usd

The pair has been consolidating and ranging for some time now as it is caught in the tight range between 1.11 and 1.13 over the last few weeks. This consolidation is expected to continue today and this week as well as the month end flows and the lack of news is likely to influence the prices.

Trading recommendations

Looking ahead to the start of the week, there is Draghi speech late in the day but his tendency has always been not to speak about the economic or monetary policies in a majority. This would mean some more consolidation and ranging in the EURUSD pair on either side of 1.12.

GBP/USD

The pair has been the most volatile of all the pairs over the last few weeks, ever since the elections threw up some surprises. This is likely to continue as we now shift focus to the Brexit negotiations and the range boundaries at 1.28 and 1.25 are likely to come under attack

Trading recommendation

 If the market did breakdown below the 1.26 handle, at that point we should have to think that the market is going to drop much farther below and drop rapidly.

AUD/USD

The pair continues in a tight range and this has been the case for quite some time now. Thanks to the bulls that that they have not allowed the prices to fall despite the fact that the commodity prices have been under pressure.

Trading recommendations

Expect short-term pullbacks, but those should be buying opportunities. The market should continue to trade volatility, but there is a certain amount of upward proclivity in this market.

USD/JPY

The pair trades in a strong manner as the stock markets around the world seem to be in a risk on mode and have been trading strongly as well. This has given way to weakness in the yen which has helped the pair to rise over the last few days.

Trading recommendation

Look for the USD/JPY to weaken if the data comes in lower-than-expected. Yields should fall on the news, making the U.S. Dollar a less-desirable investment while boosting the appeal in the Japanese Yen.

Gold

The prices have reached their important target of 1260 and this was only a bounce and a correction of the downtrend rather than any change in trend. The downtrend has since resumed and the prices have fallen below 1250 and if the previous support at 1240 is broken, then the prices should fall to 1220

Oil

Oil prices continue to trade weakly and the expected bounce has not yet arrived on the oil market. The issues in the Middle East continue to simmer underneath and an escalation of that issue could have a huge bearing on the oil prices and help to push it higher. 

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