Daily Market Review — 23/06/2016

Daily Market Review — 23/06/2016

All markets will be impacted by rumors and comments pertaining to today’s Brexit Referendum

Forex

GBP/JPY

GBPJPY

Well today is the day we have all been waiting for. Will Britain decide to remain in or exit the EU? Although it is hard to gauge what the majority of Britons are leaning towards but it seems as if staying is the more desired option. The GBP/JPY seems to be reflecting that mindset as it is currently growing. The pair was also assisted thanks to a poorer than expected Japanese Manufacturing PMI. The first results of the Brexit referendum will be published at 2:00 GMT Friday and will greatly impact the pair.

Resistance: 155.64, 156.72, 157.92
Support: 153.39, 152.10, 150.87

EUR/USD

EURUSD

The pair grew significantly as most market analysts believe the Britain will remain in the EU. Nevertheless, Janet Yellen’s statement yesterday did put some slight pressure on the pair. She noted that the Federal Reserve is heading towards tightening its monetary policy, albeit the timing and pace will ultimately depend on incoming economic data. Today’s trading dynamics will of coursed depend on statements pertaining to the Brexit and on the French, German and Eurozone Manufacturing PMI’s scheduled for 7:00, 7:30 and 8:00 GMT respectively.

Resistance: 1.1382, 1.1414, 1.1446
Support: 1.1320, 1.1285, 1.1249

 

Stock Market

FTSE Futures

FTSE

Major European stock indexes rose yesterday as investors hope the UK will remain in the European Union. So far today the FTSE 100 climbed by 0.80%, with Tesco (LON:TSCO) leading the way as its shares surged by over 3.30%. Further trading dynamics will depend upon PMI’s scheduled across the Eurozone and comments or rumors pertaining to today’s Brexit referendum.

Resistance: 6264.30, 6293.00, 6314.00
Support: 6178.20, 6156.50, 6131.30

 

Commodities

GOLD

Gold

The precious metal fell slightly yesterday, as the latest polls indicated that a slight majority of Britons want the UK to remain in the EU. Gold prices were additionally negatively impacted as U.S. Existing Home Sales rose to its highest level in nine years. Today’s trading dynamics will heavily depend on , the dynamics of trade will depend on the publication of the US economic data, which includes Unemployment Claims, Manufacturing PMI, and New Home Sales, scheduled for 12:30, 13:45, and 14:00 GMT respectively.

Resistance: 1271.41, 1278.63, 1294.21
Support: 1256.24, 1248.16, 1234.60

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