Note: The S/R levels (i.e. likely bank trader order levels) as depicted in their respective timeframes in this and prior articles have not changed, and will likely NEVER change regardless what happens in financial markets. What follows is my own world view, developed from an institutional trading career dating back to 1995.
The flight to safety continues.
More First World bonds posted falling yields, some at record lows as investors switch out of stocks and snap up government securities to prep for a prolonged economic slowdown.
Some are hoping the G20 summit in Japan may help temper trade war moods but that’s a long way off; the meeting will only be held 28-29 June.
Price action on FX pairs are still respecting our S/R levels, but not necessarily our set ranges, as per the colored boxes in the charts, so just be wary of “stupid spikes”.
EURUSD is coming from the 1.1175 pivot, managed to beat the bids around 1.1145 but the sellers don’t seem to have enough gas to carry the euro to 1.1110 dollars.
Likewise, cable took out the weak bids around 1.2640 we mentioned yesterday. The pound is now ranging around the 1.2625 target, while looking for a new target.
AUDUSD is attempting to break the 69.30 ceiling again. This will likely fail.
USDJPY can’t seem to stay away from the 109.55 yen anchor.