Daily Commentary

June 9, 2014 by

GBP/USD- A fairly quiet day in the markets today, most likely due to all of the big news we had out on Thursday and Friday, that being the ECB press conference and the NFP readings. With cable we have seen a general move on the downside, but this was after a spike on the upside, where it jumped to 1.68313, then straight back down to 1.67827. With it now hanging around 1.68006, not far from where it started today, we have not seen it do too much today as there was no big economic data out.

EUR/USD- We saw euro dollar perform pretty similarly to cable today, with it making a small spike then plunging down, but in the case of euro dollar the plunge was far greater. We saw it jump to 1.36681, where there seems to be some resistance up here as it has bounced off 3 times now. It then dropped down fairly quickly down to 1.35818 as the dollar is getting stronger. It bounced off of this level and has come back to one of the fast EMA’s and has stalled around this point.

USD/CAD- Dollar cad making a move on the downside, dropping down to 1.08993 where there seems to be some support around the reason as there has been some previous congestion. This fall seems to be part of an ABC correction and it now seems to have hit the final part of it at this level and looks like it may begin its journey on wave 3 on the upside on the H1 chart, no big data out today so this move would have been on the back of all the buying we have seen recently in dollar cad.

S&P- The S&P not doing anything differently to what it has been doing recently with it still surging up, with it breaking previous highs and reaching a record high of 1955.5. There seems to be no stopping the S&P as people are forever pumping their money into equities, this could quite possibly account for the strengthening of the dollar. It dropped down to 1947 but not for long as it bounced back up to 1950.8.