Weekly Commentary: 19th May 2013

Previous weekly commentary: Commentary on 12th May 2013

Hi Readers,

The USD index closed the week with a significant high but it is also testing the high from July 2012. The coming week will be important to see if the bulls can sustain this momentum. If not, price could reverse south as it currently looks a little over extended. Let’s see what the sentiment is like at the start of the coming week.

The following is my watch list for the week:

19 May - GBPUSD Daily

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  • GBPUSD – Price broke the channel as oppose to continuing with trend – which I mentioned in last week’s commentary and it looks like its ready to go further south. I will be looking any short entries with the short term target of 1.485 with the potential of it going lower.

19 May - USDCAD Daily

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  • USDCAD – This pair is currently testing the trend line again. To be honest, this is an interested set up as price looks over extended at the moment. However, it also looks like a outside bar pattern which shows that the buyers might be in control. I look forward to the start of the week to get a better idea of price direction.

19 May - EURAUD Daily

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  • EURAUD – This pair recently broken the long term downward channel and is now being controlled by the bulls. As price also broke the resistance around 1.315, I hope to find a pull back before taking it long.

Anyway, happy trading week ahead!!

 

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