The Brexit Aftermath – Technical Outlook into the Month/Quarter Close
- Setups in focus in the Brexit aftermath
- Updated targets & invalidation levels
Last week’s shocking UK Referendum roiled markets with sterling posting its largest single-day range in history. Further losses are likely as markets begin to fully price in the implications of last week’s vote with sterling testing weekly support today at a median-line of a formation dating back to the 2013-low. Although the recent surge in volatility makes for difficult intraday trading conditions, the majors (save GBP) are continuing to broadly hold within key yearly ranges and heading into the close of the week, we will be looking for near-term exhaustion on some of these moves.
Key levels discussed on GBPUSD, GBPJPY, EURUSD, AUDUSD, USDCAD, USDCHF, NZDUSD & Gold. Keep in mind we’re heading into the close of the month / quarter and we’ll want to stay nimble this week as the dust settles. Continue tracking these setups and more throughout the week- Subscribe to SB Trade Desk and take advantage of the DailyFX New Subscriber Discount.
Check out SSI to see how retail crowds are positioned as well as open interest heading into the close of June trade.
Relevant Data Releases
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Other Setups in Play:
- NZD/CAD Longs at Risk on Approach of Key Resistance at 9200
- USD/CAD Approaching Initial Support Targets Ahead of Retail Sales
- AUD/USD: RBA Minutes, Fed Testimony to Offer Long Entries
- Webinar: Brexit Play Book- GBP to Come in Focus Post Fed Testimony
Looking for trade ideas? Review DailyFX’s 2016 2Q Projections!
---Written by Michael Boutros, Currency Strategist with DailyFX
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.