Now what? Looks like the market was quite short of high risk pairs like AUD/CHF which has seen a big rebound in the last 24 hours. Now that some of the Greek votes are out of the way, we will all come to the realisation that nothing has really changed so we go looking for the next market-moving factor.
AUD/USD has closed back above the 20-day MA and should be targeting levels around 1.0830; EUR/CHF is back above 1.20 and I have absolutely no idea where it’s going next, though it will be volatile; cable has rebounded off the 1.59 lows and will undoubtedly be targeting stops above 1.6110. As for EUR/USD, I’m still of the opinion that we are in for a summer of range trading broadly between 1.37/1.47 so I’m trying not to get too distracted by all of the noise.
Good luck today.
