Forex trading plan for June 30
US dollar index kept correcting down as the futures market no longer expects the Federal Reserve to raise rates in 2016. Correction keeps unfolding in many assets, which were sold off on Friday on the Brexit vote news.
EUR/USD is testing levels above the 200-day MA at 1.1100. According to the ECB sources report, the central bank won’t ease policy unless economic data shows that Brexit is affecting the euro area’s economy. Flash European inflation figures are due at 09:00 GMT. The ECB will release accounts of its latest meeting at 11:30 GMT. The pair’s approaching resistance of the formed support line since November in the 1.1200 area, and it won’t be easy for the euro to get much higher. Support is at 1.1055 and 1.0925.
GBP/USD recovered to 1.3520 and the recovery may extend to 1. 3700, support is at 1.3350. Britain will release current account and final GDP for Q1 at 08:30 GMT.
It’s hard for the US dollar to move up versus Japanese yen. USD/JPY faced resistance around 102.85. Next obstacles are at 103.55 and 105.00. Support is at 100.75.
AUD/USD gained a bit more ground as the market’s sentiment improved and commodity prices went up. The upside should be limited by 0.7500. Support is at 0.7330. XAU/USD found support at $1310 and may revisit $1350. Oil prices are supported by the looming strike in Norway and decline in the US inventories.