Weekly Commentary: 13th Jan 2013

Previous commentary: Commentary on 6th Jan 2013

Hi Readers,

As commented last week, the USD index was over exhausted and started heading south on Thursday. Price looks fairly bearish and ready to head even lower, with $79 level as the immediate target and it looks likely to go beyond that. I’m now eager to see what happens at the start of the coming week.

The following is my watch list for the week:

13 Jan - EURUSD Daily

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  • EURUSD – In line with my comments last week, price moved north and even made a new high on Friday. Ideally, it’ll be great to find a pullback to 1.32 price level (Green arrow) before taking it long (Orange path). Targeting the next resistance level at 1.35 which has been tested in the past (Orange arrow). For those Fibonacci users, there’s also a confluence with the 1.618 Fib Extension level.

But hey, the market is not always perfect, so let’s just sit back to see what happens in the coming week.

13 Jan - EURGBP Daily

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  • EURGBP – Similar to EURUSD, the pair looks pretty bullish. Price broke above the 0.82 level (Green arrow) with conviction. I would like to see a pullback to the same level and hopefully find a setup to go long.

 13 Jan - AUDUSD Daily

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  • AUDUSD – This pair looks like it’s trapped in a big ascending triangle. I’ll be watching this closely to see I can find a long setup along the upward trendline.

 

Thank you and Happy Trading in the week ahead!!

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