Weekly Commentary: 17th Nov 2013

Previous weekly commentary: Commentary on 10th Nov 2013

Hello Traders,

The USD index closed the week at around $80.80. This week has been a slightly sideway market and it’s also the first correction since the rally since 25th Oct. With that, I’m going to be in a wait-and-see mindset this week.

The following is my watch list for the week:

17 Nov - GBPUSD Daily

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  • GBPUSD – As mentioned last week (see article), price was in a trading range. However, it was interesting to see that price might have just made a false break and it’s now heading high. As always, I need some form of price confirmation before taking any positions. For this, I like to see price breaking about the range with conviction. After that, I’ll be watching to see how it reacts within the resistance zone around 1.63-1.67.

17 Nov - USDCAD Daily

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  • USDCAD – As mentioned on the 3rd Nov (see article), I was looking for a short entry on this currency pair. While I didn’t get my entry the last time, price action looks even more favourable this week. The huge high test bar on Thursday was a confirmation that my downward channel was still valid and it was also a good confirmation that the bears are back. Anyway, looking forward to the start of the coming week.

17 Nov - EURGBP Weekly

(Click on image for larger view) 

  • EURGBP – As mentioned on 18th Aug (see article), there is also a downward channel that is still intact. I was looking for a short set up on this currency pair as soon as it broke below 0.84 – as mentioned 8th Sept (see article). While price did break below that, price action has been a mess and it took a long time before a set up was ready. Last week’s price bar was a good indication that the bears are back and this week, the weekly bar closed with a nice low test inside bar which is another indication that the sellers are in control. With that, I look forward to the start of the coming week for a short entry.

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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