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Market Analysis Week of June 8

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Date: June 8th, 2015

Technical Analysis

Pair: EURUSD

Resistance: 1.1250, 1.1280, 1.1325, 1.1380, 1.1420
Support:  1.1135, 1.11, 1.1050, 1.1000, 1.0950
Bias: Neutral. Last week Greece deferred the IMF payment ( due on June 6th) to the end of the month. We have yet to see an agreement between Greece and the ECB to release more funds to Greece. We may see another push down in EURUSD if negotiations drag on. However, the market will be looking for a deal this week and we may see that positive sentiment factored into price. We will, therefore, remain open on the market direction.

Pair: GBPUSD

Resistance:  1.5300, 1.5350, 1.5400, 1.5450, 1.5500
Support:  1.5180, 1.5100, 1.5060, 1.5000
Bias: Neutral to Short. We may see GBP getting pulled along the positive EUR sentiment if Greece gets closer to a deal this week. We only have one major data release for GBP this week on Wednesday. With light data flows, negative numbers may push the GBP down. We may also see GBP moves based on US data scheduled later in the week. Positive US data will bring back the chatter around US interest rate hike, leading to US dollar strength and a potential down move in GBP .

Fundamentals

This week is fairly light on High Impact news. However, we expect volatility this week due to Greece negotiations.

Below is High Impact News scheduled for this week:

Monday

  1. G7 Meetings – All Day
  2. CAD Building Permits – 8:30am EST

Wednesday

  1. GBP Manufacturing Production m/m– 4:30am EST
  2. BOE Gov Carney Speaks– 4:00pm EST

 

Thursday

  1. USD Core Retail Sales m/m – 8:30am EST
  2. USD Retail Sales m/m – 8:30am EST
  3. USD Unemployment Claims – 8:30am EST

Friday

  1. USD PPI m/m – 8:30am EST
  2. USD Prelim UoM Consumer Sentiment – 10:00am EST

Indices and Commodities

DOW – down – 17,800.58
S&P500 – down – 2,087.12
Nasdaq – down – 5,046.21
Nekei – down – 20,457.19
FTSE100 – down – 6,790.04
DAX – down – 11,064.92

Gold – up – $1,170.60
Oil – down – $58.51

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