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Friday, 24 June 2016 08:03 Written by

UK votes to leave the EU

Daily Forex Market Preview, 24/06/2016

Markets plunge as Britons voted to leave the EU. Market volatility is likely to pick up in the aftermath of the EU referendum. Central bank speeches and further news flows are likely to keep the markets on the edge today. The sterling and the euro have been trending weaker already, and gold prices and the yen were seen rising as investors flock to safety.


EURUSD Daily Analysis

1 EURUSDH4 2406

EURUSD (1.103): EURUSD is currently trading near the support of 1.10 after briefly touching 1.0927 support on the daily chart. Further declines are likely in the near term, but there is a possibility of a pullback to 1.1140 ahead of further declines. To the downside, a break below 1.0985 could signal further declines in the euro potentially towards 1.0562 - 1.05180 levels, last seen in mid November 2015.


USDJPY Daily Analysis

2 USDJPYH4 2406

USDJPY (101.6): USDJPY rallied to the resistance level of 106.27 - 105.60 but with the resistance holding the gains, the currency has plunged and is now seen pulling back after a brief test to 98 - 99 levels. In the near term, USDJPY could see a pullback that could be limited to 102.35. Below 98, USDJPY could see a test to 96 levels. The yen pulled back after brief comments from BoJ Governor Kuroda and increased the likelihood of a central bank intervention, especially for the yen.


GBPUSD Daily Analysis

3 GBPUSDH4 2406

GBPUSD (1.333): GBPUSD has broken the neckline support of the multi-decade head and shoulders pattern. Any pullbacks are likely to be limited to 1.385 and could signal further downside to 1.30. Volatility is likely to continue over the coming days as negotiations on exiting the EU begin.


Gold Daily Analysis

4 XAUUSD H4 2406

XAUUSD (1328.78): Gold prices were seen testing 1350 levels following the breakout from the bullish pennant pattern. The downside is limited to 1310 support, but further upside can be expected towards 1371 as the minimum target.

 

Source: www.orbex.com

Read 317 times Last modified on Friday, 24 June 2016 08:03

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