Top Global Market Stories
The first shock waves from Greek voters’ rejection of austerity were felt in the currency markets, with the euro falling against major peers and Australia’s dollar sliding to a six-year low. Analysts are tipping a flight to safety, with Treasuries and German bunds to benefit. The euro lost 1.1 percent to $1.0992 by 6:12 a.m. […]
Top Trade Ideas
It’s been a lousy week for milk prices but arguably and even worse one for iron ore. This together with today’s soft Aussie retail sales figure has seen $A lose ground against the Kiwi from what looks as though it could be a significant turning point. Weekly Chart A longer term look at AUDNZD shows […]
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- EUR/USD Technical Strategy: Flat
- Support: 1.0964, 1.0818, 1.0682
- Resistance:1.1054, 1.1127, 1.1199
The Euro is facing renewed downward pressure after soaring to close the weekly opening gap against the US Dollar. Near-term support is at 1.0964, the 76.4% Fibonacci retracement, with a break below that on a daily closing basis exposing the May 27 low at 1.0818. Alternatively, a reversal back above the 61.8% Fib at 1.1054 clears the way for a test of the 50% retracement at 1.1127.
The available trading range is too narrow to justify entering a trade in line with our long-term Euro outlookfrom a risk/reward perspective. With that in mind, we will remain flat for now, waiting for price action to offer a more compelling opportunity down the road.
Bitcoin is retesting the $270 dollars resistance. On June 30th BTC/USD nearly hit this mark by trading as high as $269.30. The resulting bounce lower turned into a significant 7 percent retracement. But yesterday the losses ended as BTC hit important support at $250 dollars. Today we saw a resumption of the trend higher, with […]