FX Trading Notes – 20/6/2017

Broader market theme – USD under pressure on Evan’s dovish comments, Carney pile drives GBP. 10-yr yield still below 200-DMA, needs to break higher to yield further gains in USD/JPY

EUR/USD – Currently trades in no man’s land. Selling to gather pace below 1.1130 lvl. Such a move would push RSI below 50.00 (bearish), in which case 50-day ma (1.1022) could be put to test. Bull market revival likely abv 1.1208. Expecting a downside break soon. Ready to offer Eur below 1.1130, anticipating a drop to 1.0980.

GBP/USD – Carney torpedoed GBP. Falling tops established. RSI below 50.00, thus supp at 1.2635 could be tested. Sell on rallies … bearish invalidation abv 1.2750.

USD/JPY – Upside break from falling channel on the daily revives the bull market. Bearish macd div. on 4-hr chart could yield pull back to 111.00, where fresh demand is likely. Only a daily close below 110.64 would signal bullish invalidation.

EUR/GBP – Initiate fresh longs around 0.88 as the bulls have successfully defended the rising trend line. Re-test of 0.8866 looks likely. Offers seen coming in below 0.8719 levels.

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