This week, with no news prior to the Greek government’s choice to let the people have the final word on the payment of the debt on a referendum on the 5th of July, the EUR crosses stayed within the range of last weeks.
On the other hand, the British Sterling seems to be picking up its strength as the charts are clearly showing the upwards moves with continuous higher highs and lows across all pairs. Same goes for the New Zealand Dollar weakness as price continued to drop. The Yen seems to be at an indecisive moment – which is a common characteristic, especially regarding the USDJPY – and is now also presenting a range.
As far as the Indices go, a shy recovery from the DAX was the main attention focus but still nothing worth noticing. From the US, the NASDAQ retested the previous high at 4561 but still no convincing break with the last days of the week pulling back once again. The Nikkei went back to the now very normal uptrend and broke the all-time highs again this time reaching 20934.
On the commodities side… same old same old…
Best Trades this week
- JPN225 (Daily Chart) – Continuation long – 18.06.2015 – The second pullback to the moving averages along with the bounce on the 20000 support level drawed our attention to this one. The low test bar rejecting those same levels was exactly what we were waiting for . Currently at around +2% profit.
- GBPAUD (Daily Chart) – Continuation long – 25.06.2015 – Another pullback on this beautiful up trend along with the low test bar bouncing off of the moving average was yet another opportunity to join a very strong British Sterling and the increasingly weak New Zealand Dollar. Now at 1% profit.
EFFECT OF THE NEWS LOOKING FORWARD
Next week as the month of June comes to an end it would be time for the Greek government to decide what to do about the IMF debt. As that decision is now on the Greek people’s hands, we are looking forward to see how the market will react before and after the referendum outcome. All the attention will be concentrated on this very democratic move, for both the Currency market and the Stock market.
As usual, as this will be the first week of the month, when the Non Farm Employment numbers come out from the US, caution is advised.