MARKET UPDATES :
- Forex – Pound hits 2-month lows as Brexit fears mount, yen rallies
- Forex – Aussie edges higher, kiwi slips with focus on Fed meeting
- Forex – Yen gains sharply on safe haven buying, China data assessed
The EUR/USD pair fell slightly during the course of the day on Friday, as we continue to grind lower. However, the markets have quite a bit of support below, especially considering that we have the massive impulsive candle from last Friday when the jobs number was so poor. Because of this, it is more than likely only a matter time before the buyers return to this marketplace. Short-term speaking, this market could drop down to the 1.12 level, but that should be where the buyers start to return to take advantage of value.EUR/USD is currently trading with a strong bearish bias. on 10th June 2016, this pair broke below a significant support level 1.1283 and is still pretty much bearish.
The Pound had another bearish session on Friday and continued lower today in early trading as nervous traders exited their positions in the wake of the newest Brexit polls. The positive economic releases of the week were mostly ignored, as investors consider the vote as the primary risk for the currency. The technical picture remains neutral, with strong resistance above the current rate around 1.4385 and support at 1.4150. The prior lows near 1.3850 still seem distant, despite the recent volatility in the pair.The pound fell to two month lows against the dollar on Monday and hit multi-year lows against the stronger yen as worries over a U.K. referendum on European Union membership next week took hold. GBP/USD was down 0.49% at 1.4185, the weakest level since April 18.Sterling has sold off in recent sessions amid fears that a U.K. exit or Brexit from the EU in the June 23 referendum could trigger a period of uncertainty in financial markets and hit growth in the region.
- BUY GBP/USD ABOVE 1.4183 TGT 1.4203 1.4233 SL 1.4153
- SELL GBP/USD BELOW 1.4158 TGT 1.4138 1.4108 SL 1.4188