Action Insight Weekly Report 6-28-15

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Action Insight Weekly Report	Markets Snapshot
Greece Drama to Continue as Tsipras Called for Referendum Euro ended last week broadly lower, together with Swiss Franc, on endless Greek debt negotiations. The drama stepped up to another level as Greek prime minister Alexis Tsipras announced on Saturday to hold a referendum on whether to accept the demands of the international creditors. The date for the vote will be on July 5 which is after the deadline of June 30 when Greece is required to repay EUR 1.5b to IMF. Eurozone finance ministers are supposed to meet on Saturday to discuss an extension of bailout program to Greece till November. But it's reported that after the announcement of referendum, Germany has decided not to support the extension. It's viewed by some analysts that even if Greece fails to repay IMF on June 30, it wouldn't be considered a "default" technically. But now, EU leaders are believed to be seriously considering a so called "Plan B" and the uncertainty will only increase with time before the vote. Euro would most likely stay pressured. Full Report Here...
Featured Technical Report
EUR/GBP Weekly Outlook EUR/GBP's decline from 0.7388 extended lower last week. There is no clear sign of bottoming yet even though downside momentum is diminishing. Initial bias remains on the downside for 0.7013/54 key near term support zone. We'd be cautious on reversal fro there. On the upside, above 0.7210 minor resistance will turn bias back to the upside for 0.7388 and above. Overall, it's uncertain on whether the sideway consolidation pattern has completed yet. But in any case, we'd expect any upside attempt to be limited by 50% retracement of 0.8006 to 0.7013 at 0.7510 and downside breakout is anticipated. Read more... EURUSD Technical Outlook USDJPY Technical Outlook GBPUSD Technical Outlook USDCHF Technical Outlook USDCAD Technical Outlook AUDUSD Technical Outlook EURJPY Technical Outlook EURGBP Technical Outlook EURCHF Technical Outlook GBPJPY Technical Outlook

Suggested Readings
The Week in Review and Outlook Weekly Economic and Financial Commentary The Weekly Bottom Line The US Economy Shows Signs it is Rising from the Ashes Week Ahead in FX: Greek Crisis Hangs Over Financial Markets

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