Daily Market Review —30/06/2015
Will Greece Announce Its Default Today?
Investors are waiting for the results of a referendum in Greece on July 5. Generally speaking the pair has already been reflecting Greek default; the reaction if it happens will likely be very moderate.
On the other hand, A Greek default may cause ECB to increase its QE program, which will hit the single currency immediately.
Support line at 1.1150 is relevant again; its passage will likely lead to a further decline down to 1.0950.
Resistance: 1.1270; 1.1410; 1.1435–1.1450; 1.1466; 1.1500; 1.1750.
Support: 1.1150–1.1130; 1.1050; 1.0955; 1.0915–1.0900; 1.0885; 1.0815–1.0800.
Russian ruble continues to fall against the US dollar within the end of its correction and resumption of the uptrend. The next target is located at 57.05, the medium-term target at 60.00.
Resistance: 55.40; 57.05; 57.40–57.50; 60.00.
Support: 53.50; 52.75–52.50; 52.00; 50.00.
S&P500 (Futures SP500 E-mini)
The US stock market is falling because of the strengthening of the US dollar and the future tightening of monetary policy by the Fed. The Greek deadlock only enhances the closing of long positions by major players. The next significant support line is located at 2050.00. If market consolidates below, it will open the way down to 2000.00.
Resistance: 2070; 2080; 2109–2110; 2122; 2133–2133.50.
Support: 2050–2047; 2033; 2000.
Gold is still in a downtrend. Even though the escalation of the situation around Greece caused a rise of small and short-term long position openings, the overall trend is still negative. Passage of the support line at 1173.80 will incentivize a further decline to 1170.
Resistance: 1188.00; 1200.00; 1205.70; 1232.00; 1240.00.
Support: 1173.80; 1170.00; 1163.00–1162.70; 1150.00; 1143.00; 1131.50.