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Market Review June 17, 2014

June 17, 2014


At the first day of a new trading week the Dollar lost part of its positions against its main counterparts. The EUR/USD pair has been trading in the range 1.3512 – 1.3578 for 3 days in a row.


Professionals in the market with big capital need much more time to form positions than regular traders. This factor suggests that in the near future we are going to see a strong downward move of the Euro. As a result trading ended at 1.3567.


The Pound set a fresh maximum on Monday in 5 years at 1.7009 after which there was a technical bounce against the background of closing of losing positions.


Though there was no trend reversal. The upward trend is still strong. Against the background of absence of important macroeconomic statistics release from the UK and the US the trading day ended almost at the same level as it started (1.6978).


After decline during Asian trading session till 101.71, there was a short term demand in the USDJPY pair, what enabled the US currency to recover part of lost positions. Release from the States on industrial production in May was on the median level of forecast, what didn’t cause any strong reaction from the market. As a result the trading day on the pair ended with decline of the rate by 0.2% at 101.82.





On one hour chart the Euro looks quite ranged. The boundaries of the range serve as resistance and support respectively. It is recommended to wait until the Euro breaks out of one of the lines in order to determine further trend.




The pair is in decline. Though the power of the trend has decreased. It is possible that we witness consolidation, which suggests resumption of prior trend after its end. There are no triggers of trend reversal seen anyway.




The Pound managed to overcome 1.7000 yesterday which is quite remarkable and symbolic. Nevertheless it couldn’t stay there for too long. The arch forming below the line suggests the beginning of correction. Apparently the aforementioned level will become a serious challenge.



All Day   Holiday South Africa – Youth Day

03:20  AUD RBA Assist Gov Kent Speaks        

04:30  AUD AUD/USD Index

04:30  CAD USD/CAD Index

04:30  EUR EUR/USD Index

04:30  JPY USD/JPY Index

04:30  NZD NZD/USD Index

04:30  CHF USD/CHF Index

04:30  GBP GBP/USD Index

04:30  USD Gold Index

04:30  USD S&P 500 Index

05:00  JPY BoJ Monthly Report        

09:00  EUR Core CPI (YoY)

09:00  EUR CPI (YoY)  

09:00  EUR CPI (MoM)  

12:30  CAD Foreign Securities Purchases  

12:30  USD NY Empire State Manufacturing Index

13:00  USD TIC Net Long-Term Transactions

13:15  USD Industrial Production (MoM)