EURUSD Stops at 1,14, BTC Continues Higher

Asian indices finished lower today as traders focus turn to G20 meeting in Osaka, Japan. The Nikkei225 finished 0.43 percent lower to 21,193; the Hang Seng benchmark in Hong Kong, finished 1.15 percent lower at 28,185. The Shanghai Composite finished 0.87 percent lower to 2,982, while in Singapore, the FTSE Straits Times index finished 0.21 percent lower to 3,304. Australian equities finished lower today with the ASX200 down 7 points or 0.1 percent to 6,658.

G20 Osaka Japan
AUDUSD Hourly (H1) Chart

European session started lower for the second day as markets try to digest the recent rally. DAX30 is giving up 0.09 percent to 12,263, CAC40 is 0.18 percent lower at 5,510 while the FTSE MIB in Milan is trading 0.33 percent lower at 21,214. The London Stock Exchange is 0,34 percent lower to 7,391 amid Brexit uncertainty.

In commodities markets, crude oil consolidates at $57.80 amid geopolitical tensions around the globe and low-interest rates environment. Brent oil trades lower to $64,60 per barrel as major oil producers have yet to agree on adjustments on output. Gold is the talk of the day as it trades to fresh high above 1,430, a level that we haven’t seen since 2013. The precious metal holds above all the major daily moving averages and strong resistance will be met at 1,439, the daily high.   

XAUUSD Daily Chart

In cryptocurrencies market, bitcoin (BTCUSD) makes new yearly high above 11,300 the daily low for BTC was at 10,866 and the daily high at 11,393. Immediate support for BTC stands now at $11,000 round figure while next support stands at 10,866 the daily low. On the upside, strong resistance now stands at 11,393 today’s high while I expect extra pressure from sellers at 11,500 and then at 12,000. Ethereum (ETHUSD) also trades higher at 311, with capitalization now to 33.3 billion. On the upside, the immediate resistance stands at 317 the daily high, while the support now stands at 287 the previous resistance which now turns into support. Litecoin (LTCUSD) on the other hand trades flat at 134. The crypto market cap now stands above $335.0 billion.

On the Lookout: In France, the Business Climate came in above expectations of 101 for June, with the actual figure at 102. In Australia, the weekly ANZ-Roy Morgan consumer confidence rating increased by 0.1% to 114.3 points, the first increase in four weeks.

In macro news from America, we await the US CB Consumer Confidence figures to be released, June Richmond Fed survey, and New Homes Sales at 14:00 GMT. From Canada, we have wholesale sales data at 12:30 GMT.

Trading Perspective: In forex markets, USD consolidates around 96 after the Fed policy dovish update last Thursday, while the Aussie dollar continues higher for the fifth day at 0.6967, while Kiwi also trades higher at 0.6644.

GBPUSD is trading close to daily high at 1.2765 amid USD weakness and as traders are still nervous about the Brexit developments. Major support now stands at 1.2710, the 50-hour moving average, which if broken might accelerate the slide further towards 1.2646, the 100-hour moving average. On the upside, immediate resistance now stands at 1.260, the daily high while more offers will emerge at 1.2820, the 50-day moving average. 

In Sterling futures markets, the open interest increased by 20 contracts on Monday while volume shrunk by more than 19,400 contracts. 

EURUSD trades 0.10 percent lower at 1.1383 as the pair failed to break above 1.14. The pair on Friday broke above the 200-day moving average, and that attracted extra bids that pushed the pair up to 1.1390. Immediate resistance for the pair stands at 1.14 round figure. A convincing close above 1.14 can lead prices to 1.1450. Support now stands at the 1.13 round figure, while more bids will emerge at 1.1260, the 100-day moving average. 

In euro futures markets, the open interest increased by 5.800 contracts on Monday, while volume shrunk by 65.000 contracts. 

USDJPY trades lower today as the pair visits the 107 area having hit the daily low at 106.77 and the daily high at 107.40. USDJPY pair will find support around 107.00 round figure and then at 106.70 the YTD low. On the upside, immediate resistance for the pair now stands at 107.50 round figure. 

In Yen futures markets, the open interest increased by 3.200 contracts on Monday, volume, shrunk by 73.100 contracts. 

USDCAD trades lower today at 1.3177 as the sharp rebound in crude oil prices, Canada’s main export item seems to have added further strength in the Canadian Dollar (CAD). The pair will find immediate support at 1.3150 while extra support stands at 1.3100 round figure. The pair has reached oversold levels so a rebound can’t be ruled out. On the upside, immediate resistance now stands at the 1.32 zone before an attempt to 1.3450 recent high from 31st May.