Ville Vainio

Greeks voted no! without realising the implications of this result. There was not a big reaction on the currency market at the start of trading but the worst is probably still ahead. Market gapped about 100 pips in EUR/USD so nothing major was the result of Greece referendum. My preferred wave count sees this gap low as minuette wave 2. I am looking for bullish upwards move next for this pair and overall strength on Euro. Next upside target is 1.1118 and key levels after that are 1.117 and 1.124 respectively. If this start to decline more, 1.0954 (today’s low) is invalidation level for this wave count. more…

Gold: moment of truth

Fawad Razaqzada

We have repeatedly commented that gold’s near term outlook does not look bright because of the apparent lack of interest from investors worried about the crisis in Greece. Whereas the European stock markets have fallen quite dramatically in response to the deteriorating Greek situation, the precious metal has barely shown much reaction. Admittedly, this has been in part because of the strength of the US dollars, which has been climbing steadily higher this week in anticipation of Thursday’s US jobs report. As it turned out, more…

USDJPY: Shorting Opportunity

Nenad Kerkez

Monday retail sales in Japan expanded by 1.7% vs forecast of 1% increase. Yen also strengthened due to Greece uncertainty and safe heaven flows.

Technically the pair reached weekly L5 which marks strong support and pullback towards POC could give us an opportunity to short it again. POC comes at 123.20-30 zone ( L3, 61.8, previous swing ) and it should provide shorting opportunities towards 121.50, next level if L5 breaks. For the pair to remain bearish 124.05 should hold as we have 2 trend line cross , and previous swing high as a resistance. more…

AUDUSD: Wave (5 ) In Play For 0.7300-0.7100

Gregor Horvat

Back in April AUDUSD has turned bullish for some time, but most likely only temporary as rally from the low was having an overlapping structure. We know that this is a characteristics of a contra-trend price action, so trend remains bearish for now within impulse that is in play since mid-2014.We see market moving sharply lower now after broken upward channel, so wave (5) is in play for a move down to 0.7100-0.7300 area. more…

EURUSD Closes The Gap

Ville Vainio

150 pip drop which continued to just over 200 pips on its lowest. This was the result on market open to reflect the news about Greece not getting any more money from taxpayers around Europe. This gap has completely recovered by now and I have labelled this bottom as minute wave B. I am expecting this to start a bullish phase towards new long term highs. This minute wave C of minor wave Y is going to be 5 wave structure and the eventual target for this wave is 1.183. more…

Silver unable to shine despite raised Grexit fears

Fawad Razaqzada

Though precious metals have bounced off their session lows, they are generally continuing to struggle for form despite the increased uncertainty about Greece. Gold is now down for the fifth consecutive day and although silver has managed to buck the trend from time to time, it too is a touch lower today and also on the week. Investors are hoping that an eleventh-hour deal for Greece will be struck today, which is part of the reason why European stocks are clinging on to their gains. more…

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