Forex Market Commentary
The crunch weekend has arrived. IMF payments are due on tuesday and once again Greece holds to ransom its European counterparts who have no choice but to kick the can down the road again with an inability to admit to it's own weaknesses and lack of political will to crack the whip against Greece. If Greece fails to pay its debt obligations whose fault does that become and why would traders invest in bonds that would have no hope in repayment? Fiscal irresponsibility in one nation must make the others suffer.
we have come to a pregnant pause all round with large specs unwilling to take positions and adopt a wait and see attitude on the Grexit drama for this weekend and 30th June. The Dow stopped falling for once as a mood of expectation around the markets propped up the EUR/USD and thin trading kept volatility at bay with all eyes upon the Euro ministers for this coming weekend. Failure to settle differences this weekend could send the EUR/USD back down to 1.05 and a resumption of the Bear market. The consequences of default with the IMF would be unimaginable.
Read on Bloomberg the heated politics of Greece and the announcement of a referendum on the debt issue -
http://www.bloomberg.com/news/articles/2015-06-26/greece-s-tsipras-calls-july-5-referendum-on-new-bailout-plan
and an article on the American consumer who feels confidence in the resilience of the US economy -
http://www.bloomberg.com/news/articles/2015-06-26/americans-say-they-re-just-fine-with-a-mediocre-economy
Always look to support and resistance band lines as the key to understanding in the long and short term where prices are converging. Professional technical traders use 50 day and 200 day medium and slow moving averages as fundamental cornerstones for interpreting the direction of price action.
USDX
US Dollar
95.399 +0.188 +0.24%
95.399 +0.188 +0.24%
Support 93.362 Resistance 95.954
Forward 1 year - 96.233. Low growth positive line.
Forward 1 year - 96.233. Low growth positive line.
EUR
Support 1.10513 Resistance 1.12733
Forward 1 year - 1.12770. Low growth positive line
Crude Oil
59.60 -0.10 -0.17%
Support 58.00 Resistance 61.36
Forward 1 year - 62.70. Low growth positive line.
Forward 1 year - 62.70. Low growth positive line.
Gold
1175.52 +1.22 +0.10%
Support 1,170.3 Resistance 1,200.3
Forward 1 year - 1,175.8 Low growth line.
Pieter Bergli - DeLoren Trust Holdings
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Forex market commentaries and media reports for free
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Futures and Options trading involves risks of losses. No representation is being made that any reader and account will or is likely to achieve profits or losses similar to those that are being discussed on this blog http://forexeducationperspective.blogspot.com/. The past performance of any trading system or methodology discussed is not necessarily indicative of future results.
CFTC RULE 4.41 - HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING. ALSO, SINCE THE TRADES HAVE NOT BEEN EXECUTED, THE RESULTS MAY HAVE UNDER-OR-OVER COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY. SIMULATED TRADING PROGRAMS IN GENERAL ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFIT OR LOSSES SIMILAR TO THOSE SHOWN.
All trades, patterns, charts, systems, etc., discussed in this blog http://forexeducationperspective.blogspot.com/ are for educative and illustrative purposes only and not to be construed as specific advisory recommendations for actual trades. Disclaimer - http://forexeducationperspective.blogspot.com/ bears no responsibility for the trading actions of its readers
Pieter Bergli - DeLoren Trust Holdings
A non-profit commitment to provide education on the properties of currency markets
Forex market commentaries and media reports for free
Disclaimer - U.S. Government Required Disclaimer - Commodity Futures Trading Commission
Futures and Options trading involves risks of losses. No representation is being made that any reader and account will or is likely to achieve profits or losses similar to those that are being discussed on this blog http://forexeducationperspective.blogspot.com/. The past performance of any trading system or methodology discussed is not necessarily indicative of future results.
CFTC RULE 4.41 - HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING. ALSO, SINCE THE TRADES HAVE NOT BEEN EXECUTED, THE RESULTS MAY HAVE UNDER-OR-OVER COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY. SIMULATED TRADING PROGRAMS IN GENERAL ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFIT OR LOSSES SIMILAR TO THOSE SHOWN.
All trades, patterns, charts, systems, etc., discussed in this blog http://forexeducationperspective.blogspot.com/ are for educative and illustrative purposes only and not to be construed as specific advisory recommendations for actual trades. Disclaimer - http://forexeducationperspective.blogspot.com/ bears no responsibility for the trading actions of its readers
