Weekly Commentary: 10th Nov 2013

Previous weekly commentary: Commentary on 3rd Nov 2013

Hello Traders,

The USD index closed the week at around $81.30. As mentioned last week, there was a strong weekly engulfing bar and price continued further north this week. My immediate target is around $82.70 but it could potentially reach $84.80 if price moves higher.

The following is my watch list for the week:

10 Nov - GBPUSD Daily

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  • GBPUSD – As mentioned on the 23rd Oct (see article), price was facing a major resistance zone around 1.63-1.67. Looking at the currency pair above, GBPUSD looks like it’s currently in a trading range. This is a good confirmation that the resistance is valid. Nonetheless, I’ll need more confirmation before I know where price is heading.

10 Nov - AUDUSD Daily

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  • AUDUSD – As mentioned on the 20th Oct (see article), the resistance zone that was identified between 0.957-0.976 held on really well. With that, price bounced lower and is not moving south again. With that, my immediate target is around 0.889 before I re-evaluate my options.

10 Nov - USDJPY Daily

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  • USDJPY – The Yen made the last highest high in May this year and has been consolidating since. Price is currently in a very tight range. While I don’t know when price will break out, I do intent to catch the run as and when it happens. With that, I’m keeping a close eye.

 

Thank you for reading and happy trading week! Please post any questions or comments that you may have at the box below.

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