EURUSD seems to have bullish momentum on its side at the moment, as price is moving inside an ascending channel and bouncing off support. A test of the channel resistance at 1.1600 could be underway but there’s nearby resistance at the top of a longer-term range around 1.1450.
Published on Jun 21, 2016 S&P Capital IQ U.S. Equity Strategist Sam Stovall on the market impact of the Federal Reserve and Britain’s vote on whether to remain in the EU.
The GBPUSD pair initially fell during the course of the day and then turn right back around to break out to the upside. However, there is still more than enough resistance at the 1.48 level to keep this market somewhat soft, and this was initially a “knee-jerk reaction” to the latest polling data out of the UK when it comes to the EU referendum.
The EURUSD pair initially tried to rally during the day on Monday as we gapped at the open, but at the end of the day we did up turning right back around and filling that gap.
The AUDUSD pair tried to rally during the course of the day on Monday, but gave back about half of the gains in order to form a bit of an exhausted looking candle.
The theme park business in China saw its biggest event of the year on Thursday when the $5.5-billion Shanghai Disney Resort opened. It is Disney’s sixth park worldwide and the largest in Asia, wowing both local and foreign tourists with exotic experiences and Chinese elements.
As we prepare for a volatile week, with every catastrophic world event being laid at the door of the UK and Brexit, it’s time to consider gold which is likely to see some volatile price action this week.
It was yet another interesting week for the USD, which continued to remain firmly in the control of the bears, with the pair closing the week on a wide spread down candle as pressure continues to build on the pair.
GBPUSD’s downward movement from 1.4769 extended to as low as 1.4012.
AUDUSD remains in downtrend from 0.7834, the price action from 0.7144 could be treated as consolidation of the downtrend.
