Market Preview 6/22/2015

Coming week seems to be a light news release week.

For USD: Existing home sales, Durable Good Orders and GDP will be released. Good US data will make USD more well-supported as Fed alreayd made it clear that they are going to hike the rate this year. USD might continue  to fall for 1 or 2 days but we recommend to buy the nearest support.

GBP: For sterling, it has shown GBP is well-supported especially after the election. GPB/USD seems to be on wave 3 and the trend is very strong but expect to correct in wave 4 very soon. A correction should be an opportunity to keep buying into the pound.

Recommended trade for coming weeks:

EUR/JPY : Bat pattern on H4 chart
GBP/USD : Crab pattern on H4 chart
GBP/JPY : Bat/Alternate Bat on H1 chart