Weekly Commentary: 14th July 2013

Previous weekly commentary: Commentary on 7th July

Hi Readers,

The USD index barely notched north since the close of the last week. Instead, you can see some strong bears that come in since Wednesday. My expectation is for price to continue long in the longer term. However, this might be the correction that I have been expecting, or it might be more than a correction. Who knows.

The following is my watch list for the week:

14 Jul - EURUSD Daily

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  • EURUSD – In line with my commentary last weekend (see article), price bounced off the support zone (~ 1.275) and started moving north with conviction. In fact, Friday closed with a nice low test showing signs that the bulls are still in control. With that, I look forward to the start of the week for more confirmation.

14 Jul - USDCHF Daily

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  • USDCHF – This is Euro’s beloved cousin which is showing a similar set up to EURUSD. However, the icing to the cake here is that it is moving within a nice channel. Looking at it now, I may have a strong preference for this compared to the Euro. Either way, I’ll decide based on price in the early part of the coming week.

14 Jul - USDCAD Daily

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  • USDCAD – As mentioned on the 23 June (see article), I was expecting either a small pull back or a bigger correction. Looking at the chart above, I think I got both. Since that article, price did pull back to the 1.042 level and has been crawling higher very slowly. It formed a flag pattern and it finally broke out of consolidation early this week to break below the 1.04 support. Moving forward, will the upward trend line continue to hold? Looking forward to see how price unveils itself.

 14 Jul - EURAUD Daily

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  • EURAUD – The last time I commented about this pair (on 30th June – see article), I did not expect price to test the 1.425 level for such a long time. Then again, I didn’t really expect much any way and continued to watch it patiently. Thankfully, I did not get the signal that I wanted and price continued to surge higher. Since early this week, price moved higher and it continues to remain bullish. With that, I shall attempt to find some long set ups.

 

Thank you for reading and happy trading week!

 

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