Weekly Commentary: 12th Jan 2014

Previous weekly commentary: Commentary on 5th Jan 2014

Hello Traders,

Well, the USD did not take off as expected and to be honest, price is getting more and more blurry in terms of its directions. The coming week will be important for me to get a sense of where price will be heading next. I need to see a break above $81.50 for a bullish bias or a break below $79 for a bearish bias. Until then, I will be trading with extra pre-caution.

The following is my watch list for the week:

12 Jan - USDCAD Weekly Forex Charts

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  • USDCAD – On 8th Dec (see article), I mentioned about price testing a strong resistance zone. In this instance, I did not get the short set ups that I wanted as price just broke above the zone with strong conviction. This is a beautiful signal that the bulls are back. I’m ever ready to switch and I’m ready to look for longs from this point onwards. Meanwhile, price does look a little over extended and I will wait for a clean pullback before taking it long.

12 Jan - USDSGD Weekly Forex Charts

(Click on image for larger view)

  • USDSGD – The last time I posted a commentary on this currency pair (on 24th Nov – see article), price did not give me the set up that I wanted. Hence, I left it aside. However, looking at it right now, price seems to be testing the top of the channel again. In fact, the week closed lower forming a nice weekly bar. With that, I will be looking for short set ups again.

12 Jan - EURAUD Weekly Forex Charts

(Click on image for larger view)

  • EURAUD – Price is currently testing a very interesting price level. An old support level (in June 2007) that was broken in Feb 2010 is now potentially a resistance for price. Will this resistance hold? I look forward to finding out.

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

 

 

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