Weekly Commentary: 1st Dec 2013

Previous weekly commentary: Commentary on 24th Nov 2013

Hello Traders,

The USD index closed very slightly lower this week – it was another quiet market. Nonetheless, the high test bar on the weekly chart shows more indication that price looks like it’ll move even lower. With the non-farm results coming up this week, I look forward to see more confirmation of price direction.

The following is my watch list for the week:

01 Dec - EURUSD Weekly

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  • EURUSD – Taking a step back and looking at the weekly chart, this pair is showing a longer term channel. In line with the USD index, price looks likely to head further north. Taking a prudent approach, the last higher (~1.38) seems to be a good place to set my near term target.

01 Dec - GBPUSD Weekly

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  • GBPUSD – I’ve now got the bullish confirmation as price broke above the resistance zone (between 1.63-1.67). With that, I’ll be looking for a long setup.

01 Dec - GBPNZD Weekly

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  • GBPNZD – In line with cable, the GBPNZD cross pair recently broke a long term resistance (~2.0) which is also a big round number. Looking at the pair now, there are strong indication that price will continue further north. Again, I will be looking for any pullbacks before taking it long.

Thank you for reading and happy trading week! Post any questions or comments that you may have at the box below.

 

Ps. With more news or data release this week, I will be stepping aside waiting for more direction.

 

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