Forex trading plan for June 26
EUR/USD is fluctuating around 1.1200 as traders await news from Greece. It looks like the negotiators will take their time. On Friday there will be the second day of the EU Economic summit. Before that there will be more discussions and press conferences on Thursday evening. German finance minister Schaeuble said that Greece has actually moved backwards and that no progress has been made so far and that the difference between two sides has become larger. The key differences are over pensions and other budget cuts. On the other hand, EU’s Moscovici said the creditors agree with Greece on some aspects of reform proposals. Support lies at 1.1150 ahead of 1.1050.
The pound was supported on Thursday as the US dollar remained held by the hopes about Greece. Yet, there’s strong resistance for GBP/USD in the 1.5800 area. Support is at 1.5640 and 1.5593 ahead of 1.5550. The Bank of England’s Governor Carney will speak at 14:15 GMT.
USD/JPY is trading sideways. The latest US economic releases have been mildly positive for the greenback, but the yen is supported because of uncertainty about Greece. Keep an eye on Japanese inflation data due early on Friday: figures are expected to be weak and may lead to some USD buying. Still, there’s resistance in the 124.40/60 area ahead of 125.00. Support is at 123.20 and 122.45. The US will release revised consumer sentiment figures at 14:00 GMT on Friday.
AUD/USD has some support above 0.7700/0.7680. Resistance is at 0.7795/0.7800 and 0.7850. The near-term outlook for the pair looks neutral. No important releases are planned in Australia. NZD/USD recovered from 5-year lows, but New Zealand’s trade balance data if shows deficit may hamper the rebound. Resistance is at 0.6940 and 0.7000. Support is at 0.6850.