Weekend news

A lot of stuff has happened over the weekend in Ukraine, Israel, Russia, Syria etc. The market is pretty much priced in and it will take more that just shelling of towns and killing people to move it drastically. As horrible as that sounds.

So most of the G10 currency pairs are trading around where they closed on Friday. Mondays are usually quiet but we should keep an eye on the Pending Home Sales today.

–    EURUSD: Continues lower and now testing the 200 week moving average at 1.3424. A move to the double top target of 1.3380 is still expected. Support below that is at 1.3295.

–    USDJPY: Rallied through the double bottom neckline and top of the triangle just below 101.80 and should at least test 102.50 in the near term.

–    GBPUSD: The weekly close below the May high (1.6996) adds to the bearish bias and further indicates a move to the 21 week moving average (1.6854) which has been a decent pivot since the start of the year.

–    USDCHF: Weekly close to new highs for the trend and on its way to the double bottom target of 0.92. We are also in line for a bullish outside month.

–    USDCAD: The uptrend has likely resumed though we would like to see a breach of the 200 day moving average (1.0832) before confirming it. A rally to new trend highs could be seen overall.

–    NZDUSD: Sustaining below the 55 day moving average and likely to test supports at 0.8402-53.

In other news:

The FT reports that “former leading shareholders of the Yukos oil company have been awarded USD50bn damages against Russia in one of the biggest arbitration awards ever made against a sovereign state.”

It adds: “The private three-person arbitration panel sitting in the permanent court of arbitration in The Hague ruled that the Russian state illegally expropriated Yukos – of which Mikhail Khodorkovsky, the jailed oligarch, was once majority owner – when it declared the company bankrupt and sold off its assets in the middle of the last decade.”

The FT continues: “Lawyers believe Russia will almost certainly refuse to pay, even though such a refusal could further tarnish its investment image. It has resisted paying three previous investment arbitration awards against it. If the ruling is upheld on appeal, the shareholders face a long and uncertain fight to enforce payment by seizing Russian property abroad.”

Have a good week trading.