Weekly Forex Market Update & Key Levels July 13 – 17th

WEEKLY FOREX UPDATE

EURUSD – A complete U-turn occurred this week in the Eurozone. The whole purpose of the “no” vote referendum was to avoid negotiations on another Greek bailout. However, this week despite the anti-austerity win by the people, Eurozone leaders are meeting on Sunday to attempt to reach an agreement on a Greek bailout, after finance ministers demanded the Greek parliament start implementing unpopular overhauls and cuts before they take a decision on new rescue loans.

The lack of decision is clearly evident in the markets price action structure. Sideways movement is the new norm at least for now.

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AUDUSD – A breakdown of the Aussie dollar occurred last week and broke through an important long term low. I am looking for shorting opportunities at around 0.757

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WTI – Also broke through an important support zone at around 54.31. Further downside could be expected

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Chris Ferreira

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