Brief market overview for 24.06.2019

Hello. Below are several trading recommendations for the beginning of the next trading week, 24.06.2019

On the USDCAD pair, we stopped at the 1.32000 level and formed an Inside bar pattern. We will probably correct a little upward, gain some strength, and continue falling as the downtrend develops. I am considering sells here after the breakout of the 1.3200 level.

On the USDJPY pair, we formed a Doji pattern around the 107,500 level. This is probably a small pause after the breakout of the level, and it is worth waiting for the fall to continue along the downtrend. In the trade statistics there is a large imbalance of buyers, which may contribute to the decline. I am considering sells here.

On the EURJPY pair, the price bounced off the 121,11 level and formed an Engulfing pattern. It looks like there is not enough strength to go down, and we are waiting for growth at least to 122,86. Then we will watch how the situation develops and make decisions on trades.

Japan's manufacturing business activity index showed a decline and remained in the critical zone below 50, although experts expected the indicator to rise to those levels. The statistics on Friday negatively affected all Asia-Pacific markets except China.

Traders from the Celestial Empire were buying stocks on Friday after PRC leader Xi Jinping confirmed his intention to visit the G-20 summit. The markets are waiting for his meeting in Osaka with the President of the United States, hoping for a restart of trade talks and a freeze in the trade war.

Since morning, Asian markets have been trading with an empty economic calendar.

The President of the United States comments to journalists on the situation with Iran on the South Lawn of the White House

The evening session will pass without economic news, so all attention will be focused on the harsh economic sanctions against Iran promised by Donald Trump. The President did not disclose any details, so the markets will react once the measures are actually announced.

Investors could not hold the morning rise in the stock markets, the sharp surge of the euro exchange rate launched arbitrage operations that pushed the indices into negative territory.

The Iranian crisis weakened the US dollar, while in the EU PMI indicators exceeded analysts' expectations, which currency speculators took advantage of

At 11-00, statistics for Germany will be released: IFO indices, business expectations, and an assessment of the current economic situation.

Respectfully, Artem aka TeaDrinker
TradeLikeaPro