Daily Market Review — 24/06/2016
Traders should pay close attention to ECB President Mario Draghi’s Speech, scheduled for 17:30 GMT
The currency pair increased significantly during Friday’s trading session, thanks to the results of the Brexit referendum. However, after a sharp rise in the morning there was some pullback, caused by partial profit-taking. Meanwhile, Friday’s data from the German IFO institute went primarily unnoticed thanks to the Brexit. The pair opened today’s session with a stiff gap as the pound is in the midst of another steep selloff. Today, market participants should pay close attention to ECB President Mario Draghi’s speech, scheduled for 17:30 GMT.
Resistance: 0.8241, 0.8312, 0.8365
Support: 0.8159, 0.8114, 0.8068
During Friday’s session the pair experienced the largest one-day drop in over two years as investors flocked to the yen after the results of the contentious referendum. It should be noted that whenever something tumultuous occurs in the market traders look for safe haven assets (such as the yen). Today’s trading dynamics will fully depend on investor sentiment.
Resistance: 102.58, 103.70, 104.97
Support: 101.12, 99.93, 99.00
Major US stock indexes plunged after the Brexit referendum, making it the second largest one-day drop in less than a year. “Black Monday”, China’s stock market crash back in August 2015 still takes the crown. Additional pressure on the markets came via worse than anticipated data pertaining to US consumer sentiment and orders for durable goods. Today at 13:45 GMT, the US Services PMI should impact.
Resistance: 17255,00, 17314,00, 17370,00
Support: 17182,00, 17126,00, 17072,00
The precious metal rose by nearly 8% thanks to Thursday’s Brexit referendum this is the maximum value over the past two years. It is more than probable that gold will continue to rise as there is virtually no expectation that the Fed will raise the rates anytime in the near future as market uncertainty reigns. Today’s trading dynamics will depend on the US service sector data.
Resistance: 1334,92, 1348,80, 1357,56
Support: 1315,41, 1298,94, 1278,11