Varoufakis Resigns, Euro Rebound
The euro weakened against major currencies after the majority of Greek citizens choose rejects bailout creditors with the terms given in the referendum on Sunday. But optimism will reach agreement between the two sides soon emerged after Yanis Varoufakis, putting his post as Minister of Finance of Greece. The optimism of the euro rebound.
PM Greece, Alexis Tsipras, will re-start negotiations with creditors, Administrative Reform Minister of Greece, George Katrougalos, said Varoufakis resigned PM Tsipras aims to help start new negotiations. Varoufakis previously said to be inhibitors of agreement of both parties, previous position as head of the negotiating team also replaced as a result of the increasingly sharp differences between him and the creditors Greece.
Analysts said the resignation of the Minister Varoufakis be positive news for the euro zone leaders Yunani.Para they been scheduled to meet on Tuesday in Brussels to respond to the outcome of the Greek referendum.
EURUSD traded the range of 1.1079 at 00:08 pm, with daily lows 1.0977, and highs 1.1094.
Technically, the Euro-dollar pair is likely into negative trend on the trading session today, Tuesday (07/07).
The weakening of the Euro mainly expected soon retest support at the 1.0980 area which is the minimum and maximum 1.0925. Meanwhile, if the Euro is able to break and hold above 1.1033, then the other alternative scenario that Euro likely to test resistance in 1.1060 and 1.1120 area.
Hang Seng Successfully Risen By Bargain Hunting Action
Hang Seng Index Hong Kong stocks in early trading Tuesday morning (7/7), successfully opened a rebound from earlier traded strong pressure, which is sustained by buying shares previously traded great distress.
Stocks that are hunted like Hengan International Group shares which have risen 3:27%, shares of China Shenhua enegry 1.80%, shares of China Resources Land 1:57%, Hang Seng Bank shares 0.74%, shares of Sands China 2:41%, Mengniu Dairy cChina shares to 2.50%, Bank of East Asia 2:11%, shares of Galaxy Entertainment Group 1.64%, HSBC Holdings 1:33%, China Overseas Land & Investment 1.96%, and shares of China Construction Bank 1.90%.
This morning the Hang Seng index rose by 155.48 points, or 0.62%, to be 25391.76 points from the previous closing position at 25236.28 points and reached the highest position previously traded at 26261.53 and the lowest point at 24750.31 points previously.
Likewise, the movement of the Hang Seng Index futures this morning are successfully raised by 243 points, or 0.95%, to be 25 450 points from the previous closing position at 25 207 points and reached the highest position previously traded at 26 355 points and the previous low at 24 727 points.
Based on the results of the closing of trading on the stock exchange earlier, the analyst estimated that the movement of the Hang Seng Index today will try to be kind towards strengthened by penetrating the first resistance at 26 425 points with MA5 under BB10 daily, if the movement of the index broke through the first resistance is expected to try to penetrate the resistance second at 25,600 points with MA5 under BB10 daily.
If the movement of the index managed to turn around the direction of lower back, it is expected to try to penetrate the first support at 25 125 points with MA5 under BB10 daily, if the movement of the index broke through supportpertama then expected to try to penetrate the second support at 24,980 points with MA5 under BB10 daily.
Technically, the index likely to weaken on the trading session today, Tuesday (07/07), test negative trends, the impact of Wall Street. At the M15 chart bearish engulfing formation provides opportunities for the index to move downside. However, the volume of which is likely to increase, early indications bullish index. In addition, RSI, on the M15 charts, is oversold, signaling upside.
It is estimated, the index test the first support level that is 25 190 and 25 246 25130. If it fails in, then the next index is expected to tend to retest the resistance level 25260 and continued until the possibilities are in the area of 25 320.
Gold Prices Down Thin
Gold in Asian trading on Tuesday (7/7) observed to weaken. Investors still see the development of talks in Brussels on the Greek crisis.
Divis New York Mercantile Exchange, gold for August delivery dropped -0.42% to 1.168.30. Earlier, Prime Minister of Greece Alexis Tsipras who met International Monetary Fund Managing Director Christine Lagarde spoke by phone and said that technical talks can be held with staff.
“Managing Director explains the inability to disburse funds under the arrears policy, but provides technical assistance offered by the Greek government,” said a spokesman for the IMF.
Last night, the gold futures ticked lower on strong dollar, while in Athens, said officials of the Association of Greek national banks would remain closed at least until Wednesday, because as a nation waiting for a decision on whether to continue to receive further assistance from the Bank’s liquidity Central Europe.
While on the other the Comex trading, silver for September delivery fell 0.51% to $ 15,672 troy ounce. Copper for September delivery rose 12:08% to $ 2,535 a pound.
Technically, gold in today’s trading session Tuesday (07/07) potentially bearish, tested negative trend back, but prone to reversal. RSI indicator tends to re-test support channel and towards the oversold area, but Bollinger Band begins to widen, thus giving impetus for gold to the upside.
It is estimated that the gold price immediately prior to test support in the area of at least 1163.10 and re-test the maximum level of 1158.50. However, if the price of gold is able to break and hold above 1168.00, the estimated price of gold could potentially test the Resistance 1170.70 and 1175.25.
