Analysis by:

U.S. Dollar. Our bias BEARISH, we’ll be looking to sell on rallies.

Greenback closed lower on Friday at 9,456 on strong risk appetite flows following the successful conclusion to Thursdays EU summit.‬
Debt ceiling debate still an issue‬
Advance U.S. 2Q GDP due Friday‬
Support at 9,637, resistance 9,500‬
We remain U.S. Dollar bearish in the week ahead.‬

Euro. Our bias BULLISH, we’ll be looking to buy on dips.

Fridays close saw the Euro at 1.4357 against the U.S. Dollar after rallying over 400 points from its lows on Monday‬
German Unemployment Change, Consumer Price Index and Retail Sales reports focus for Euro traders this week‬
Expected positive result for U.S. debt ceiling negotiations likely to support Euro upside momentum. ‬
Support at 1.4260, resistance‬
We remain Euro bullish in the week ahead.‬

Japanese Yen. Our bias NEUTRAL, on the sidelines till a clearer picture develops.

Last week, the Japanese Yen remained in the middle of the pack against most of the other major currencies‬
As the Yen is considered a store of safe haven in times of crisis, the currency will likely be bid higher on any poor news regarding the debt ceiling problems the United States.‬
Recent jaw-boning from BoJ raises speculation of intervention to counter “one sided Yen strength”‬
Support at 77.60, resistance 79.50‬
We remain Yen neutral in the week ahead.‬

British Pound. Our bias NEUTRAL, on the sidelines till a clearer picture develops.

Sterling closed last week higher by more than 1% against the U.S. Dollar as investors dumped the Greenback on concerns over the approaching debt ceiling deadline and improved risk appetite‬
This week, U.K. economic data is highlighted by the 2Q GDP print on Tuesday (0.2% exp vs 0.6% prior)‬
Support at 1.6260, resistance 1.6380‬
We remain Sterling neutral until a clearer picture develops post GDP data.

Canadian Dollar. Our bias NEUTRAL, on the sidelines till a clearer picture develops.

Canadian Dollar finished last week at 0.9476 after weakening on Friday following the disappointing CPI report (-0.6% vs 0.0% exp).
U.S debt ceiling debate likely to determine Loonie price action this week‬
Support at 0.9445, resistance at 0.9500‬
We maintain a neutral Loonie bias in the week ahead pending an expected successful conclusion to the U.S. debt ceiling negotiations.‬

Australian Dollar. Our bias BULLISH, we’ll be looking to buy on dips.

Australian Dollar closed at 1.0849 on Friday against the U.S. Dollar on strong risk appetite flows
AUDUSD looks likely to continue to retrace the decline from the May highs at 1.1011
Aussie CPI due Wednesday‬
Support at 1.0800, resistance 1.0890‬
We remain Aussie bullish in the week ahead.‬

New Zealand Dollar. Our bias BULLISH, we’ll be looking to buy on dips.

By last Friday, the New Zealand Dollar had gained over 2.21% against the U.S. Dollar
RBNZ cash rate decision due Wednesday‬
Support at 0.8570, resistance 0.8740.‬
We remain Kiwi bullish in the week ahead.