Weekly Commentary: 16th Mar 2014

Previous weekly commentary: Commentary on 9th Mar 2014

The USD Index closed at $79.50 which is another slow but downward crawl. In line with my commentary in the last 2 weeks, more confirmation is required around the major support level ~ $79. Will we get it this week? Who knows…

The following is my watch list for the week:

15 Mar - EURUSD Daily Forex Chart

(Click on image for larger view)

  • EURUSD – As mentioned on 2nd Mar (see article), the EURUSD was about to break out of the wedge and out of the upper channel (a long term downward channel). In fact, price did do that but there seems to be little conviction. If you have followed my market commentary, I’m a big fan watching for committed buyers or sellers and I can’t seem to find it in the EURUSD. Either way, I’m keeping a close eye for any surprised movements.

15 Mar - GBPUSD Daily Forex Chart

(Click on image for larger view)

  • GBPUSD – Since my last commentary on 16th Feb (see article), I was looking for price to either break or bounce from a resistance level around 1.673. However, we don’t always get what we want and price ended up consolidating near the top of the resistance zone. My only consolation is that the resistance level was valid. Looking at the price range (see box above), I like to see price moving out of the box before taking any directional bias from there.

15 Mar - USDJPY Daily Forex Chart

(Click on image for larger view)

  • USDJPY – As mentioned last week (see article), the Yen closed with week with a high test bar and it could potentially move lower. Price did exactly that and I was happy to take a quick short trade with a small profit. Meanwhile, price is about to test another support level and I’ll be watching closely again. Price isn’t too exciting at the moment but, then again, we’re not really here for the adrenaline are we? Because we just want to look for high probability set ups only.

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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