Weekly Forex Market Update & Key Levels July 6 – 10th

WEEKLY FOREX UPDATE

EURUSD – Another week has passed of further Greek and Eurozone drama, and today we are witnessing the referendum to determine if the Greek people are willing to accept a bailout deal by the country’s creditors. A “no” vote would be a victory for Prime Minister Alexis Tsipras, who had campaigned for that as a way to give him more bargaining power in dealing with creditors who wish to impose harsh terms on this already battered country. But it also raises the possibility that the creditors might walk away, leaving Greece facing default, financial collapse, and expulsion from the Eurozone and even, in the worst case scenario, from the European Union. Expect further choppy price action with a downside bias if the “no” vote wins.

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AUDUSD – The Aussie dollar has broken a major long term support level at around 0.75850. A nice pullback into this zone could present a possible shorting opportunity. Keep this currency pair on our radar.AUDUSDDaily-05072015

WTI – Is making a pullback into a long term support level at around 54.30.  A “no” vote as mentioned above could increase the US dollar’s worth and put further pressure on oil. A break of this level, could then lead to another test of the lows at $43.

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Chris Ferreira

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