Awaiting the bank stress test (July 23)

Friday the 29th of July, will be the day, the EBA (European Bank Authority) will announce the results of the stress tests. The announcement is due just after the market closes for the weekend. Forecasts for many banks are not very optimistic and the Euro could be affected at market open on Sunday. Additionally this weekend (23 and 24 of July) a G20 meeting is taking place in Japan that could also affect certain currencies.The market was calm and we did not see any important moves. The winner of the week wast the USD that closed with a profit of 105 pips and the loser (and mover) of the week was the NZD that closed with a loss of 126 pips.

The Eur/Usd remained in a narrow range and closed with a loss of 74 pips. A similar picture for the Gbp/Usd that also closed with a loss of 88 pips. I only want to short those pairs from higher levels.
The Aud/Usd closed with a loss of 129 pips, mainly because of the worst than expected Monetary Policy Meeting minutes from the RBA. I remain bullish and would like to take a long from 0,74 where I placed a pending order.
Both the Eur/Jpy and Gbp/Jpy closed with a minimal profit but remain under pressure. It is wiser to avoid trading those pairs.
Significant (compared to other pairs) profits for the Eur/Aud and Gbp/Aud (152 and 190 pips), mainly because the RBA Monetary Policy Meeting minutes was more dovish than expected. I remain confident about AUD strength and would like to short those pairs.
The Usd/Jpy closed with a profit of 73 pips. It was trading 130 pips higher on Thursday but a “forgotten” interview from Mr Abe that took place in mid June but was not aired till now, pushed the pair lower again. Most probably a BBC4 journalist was trying to make a quick profit from a short at 107 (lol).
Usd/Cad closed with a profit of 181 pips. It tested resistance and  bounced. I remain bearish for the pair and I am holding short positions that I expect to close with a profit. We just Oil price to increase and move towards 50 area.

Apart from the G20 meeting and the stress tests on Friday another important event will take place on Wednesday. The FOMC meeting and the US funds rate could also move the pairs. This is last week before traders turn off their computers and take some well earned holidays.