Forex Market Commentary
The crunch weekend came and went and the drama just got worse. IMF payments are due on tuesday and there is now no hope that Greece will meet its commitment to pay the IMF 1.7 billion Euros on Tuesday. Greece still believes it is doing the right thing though the ECB finally got weary and refused to bail out Greece with any more emergency funding. Greek banks immediately closed for this week fearing a run on the banks by the general public. with a referendum round the corner the country does not have the heart to begin to tackle its massive 380 billion Euro debt problem least of all sit with it's creditors for a constructive dialogue.
Euro equities took a dive. The Dow swooned a massive 350 points to close in at 17596.35. The Nasdaq lost 120 points to close at 4959.98. however in spite of the never ending wrangling, this is not really new news; this is not a 'black swan" event that could drive the market in a direction by surprise. The markets are sputtering in dismay, yes, but they will go on without Greece. Gold can lose its shine, oil can slip a little, but the demand for the Euro currency will increase because after all; getting rid of Greece might not be a bad thing after all for the Euro currency if one stray member cannot adhere to a unified binding set of rules. On July 5th Greece will decide if it will stay or leave the Euro currency.
In the mean time, of more serious concern for international investors is what is going on in the Chinese equity markets where fears of a bear market are mounting day by day. read on Bloomberg -
http://www.bloomberg.com/news/articles/2015-06-29/is-this-the-beginning-of-the-end-for-chinese-stocks-here-s-what-11-top-analysts-have-to-say
and here's a only whiff of what contagion can look like when the Chinese do accidentally tumble over in spite of every effort the Chinese authorities will make to prop their equities markets.
http://www.bloomberg.com/news/articles/2015-06-29/americans-can-t-sell-stocks-fast-enough-as-rally-beats-outflows
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
95.116 +0.126 +0.16%
95.116 +0.126 +0.16%
Support 93.653 Resistance 97.343
Forward 1 year - 95.943. Low growth positive line.
Forward 1 year - 95.943. Low growth positive line.
EUR
1.121850 +0.020500 +1.86%
1.121850 +0.020500 +1.86%
Support 1.08430 Resistance 1.15030
Forward 1 year - 1.13770. Low growth positive line
Crude Oil
58.15 -0.18 -0.30%
Support 57.32 Resistance 59.78
Forward 1 year - 61.31. Low growth positive line.
Forward 1 year - 61.31. Low growth positive line.
Gold
1179.505 -3.100 -0.26%
Support 1,165.5 Resistance 1,194.3
Forward 1 year - 1,186.2 Low growth line.
Pieter Bergli - DeLoren Trust Holdings
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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
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
