Psychology for major markets July 17
Looks like a vibrant weekend
EUR/USD – EUR/USD's rebound stall just short of the 1.1490 area resistance. Sustained breakout will depend on Middle East development but unlikely on the last trading day of the week without fundamental changes.
USD/JPY – USD/JPY is consolidating around recent high. The ebbs and flows are balancing themselves for now. The next leg will likely be north still, though the pace may not be sufficient to trigger an actual intervention.
AUD/USD – The Aussie is rejecting the 0.7030 resistance on poor risk and metal performance.
Equities & Others – Broader risk sentiment remains soft as there are signs of further escalation between U.S.-Iran. Very likely there maybe pre-emptive selling before the weekend to avoid geting wrongfooted.