Market Brief / 23-06-2017

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The EUR/USD pair is trading below the 20- and 50-period moving averages, which play resistance roles and maintain the downside bias.

The RSI is below its neutrality level at 50. To sum up, as long as 1.1165 holds on the upside, expect a further decline to 1.1130 and even to 1.1110 in extension.

Alternatively, a break above 1.1165 would trigger a new rise with 1.1185 and 1.1230 as targets.

On the data slate there’s German Manufacturing PMI; German Services PMI; Euro-Zone Manufacturing PMI; Euro-Zone Services PMI; US Manufacturing PMI; US Services PMI; US Composite PMI; US New Home Sales; US Fed’s Bullard Speaks about Monetary Policy in Nashville; US Baker Hughes US Rig Count and US Fed’s Powell Speaks in Chicago on Central Clearing.

BUY EUR/USD @ 1.1130 OR BETTER – STOP @ 1.1100 – TARGET @ 1.1220
– no change

BUY GBP/USD@ 1.2660 OR BETTER – STOP @ 1.2600 – TARGET @ 1.2750

SELL USD/JPY @ 111.30 OR BETTER – STOP @ 111.80 – TARGET @ 110.70
– no change

BUY CL0817 @ 42.50 OR BETTER – STOP @ 42.00 – TARGET @ 45.00
– no change

BUY AUD/USD @ 0.7530 OR BETTER – STOP @ 0.7480 – TARGET @ 0.7590

BUY XAU @ 1250 OR BETTER – STOP @ 1245 – TARGET @ 1265
– no change

BUY XAG @ 16.50 OR BETTER – STOP @ 16.00 – TARGET @ 17.30
– no change

THE ABOVE BRIEF IS MY PERSONAL OPINION AND DOES NOT CONSTITUTE ANY PROMISES OR GUARANTEES OF PROFITS. TRADING IN CURRENCIES AND COMMODITIES ARE HIGH RISKS AND IT IS NOT FOR EVERYONE.

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Samer