The beginning of July was a slow one as expected after the ‘bomb’ dropped by the Greek Prime Minister Alexis Tsipras with the announcement of the referendum to decide the payment of the IMF debt. After the big gap seen across almost all the main currency pairs at the opening on Sunday evening, and the immediate pullback on Monday, the rest of the week only confirmed the indecision from the investors across the board.
As far as the currency market goes, our view got confirmed as only a strong Sterling and a weak New Zealand Dollar showed any opportunities worthwhile.
As for the Indices, the pullbacks are still in order after the big gap at the beginning of the week. All around there was nothing but indecision as prices stayed pretty much around the same levels as they were at the opening.
On the commodities side, the ranges are still showing their strength on Gold and Silver while the surprise came from the Oil price as it finally broke the 56 level and is currently at 53.
Best Trades this week
- GBPNZD (Daily Chart) – Continuation long – 26.06.2015 – Another pullback to the moving averages along with the low test bar and the stochastic agreement, we had to give it another go. Currently at around +3% profit and promising. It is strongly advisable to protect your capital as usual…
EFFECT OF THE NEWS LOOKING FORWARD
The following week should be an interesting one – immediately at the open on Sunday evening things got weird once again after the Greek people rejected the plan for new austerity. The opening – and first day – on the markets was a fairly good repetition of last Monday as the gaps were visible across the board – both for currencies and stocks.
Interesting though does not mean there are many clear opportunities in sight. On the contrary, and against what has been the normal nowadays, the clearest signal is coming from the Crude Oil chart. After breaking the lower level that was holding it above 53 USD, we can now see a clear break and we are looking for the first pullback and the right price action as a signal. On the other hand, on both the Forex and the Indices side, we are waiting for clearer fundamental signals that might come forward from the ECB, IMF or the Eurogroup in general that might support some of the signals that might show on our charts… But these are a lot of mights… So, if it isn’t clear…