Weekly Commentary: 1st June 2014

Previous weekly commentary: Commentary on 25th May 2014

Hello Traders,

This USD Index closed around $80.40. As mentioned last week, I need price to break above the $80.80 price level for a more bullish bias. Looking at the weekly bar, price action gave us a doji bar, and that is a good indication that price is testing the resistance level. With that, I’ll be interest to see where price will be heading soon.

The following is my watch list for the week:

01 Jun - GBPUSD Daily Forex Chart

(Click on image for larger view)

  • GBPUSD – Looking at the chart above, price has been showing some bearish price action especially in the middle of the week. Price broke below the previous low and it’s now re-testing the same level (also a neckline). Will price go lower? With that, I look forward to more price action.

01 Jun - NZDUSD Daily Forex Chart

(Click on image for larger view)

  • NZDUSD – As mentioned on the 11th May (see article), I spotted a nice engulfing bar and was expecting price move lower, and price has been following my map. Great for me. However, it’s too early to even think about a celebration as I need a neckline re-test before I’ll even consider a short entry. While this is similar to the GBPUSD analysis, I believe this would happen at a different time. Anyway, there’s only one way to find out.

01 Jun - EURCAD Daily Forex Chart

(Click on image for larger view)

  • EURCAD – As mentioned on 6th April (see article), I was expecting price to move lower towards the bottom of the channel, and it did that. As price is now testing support again, I need price to show me a clearer direction. With that, I shall await for more confirmation.

 

Thank you for reading and happy trading week! Make sure to post any questions or comments at the box below.

 

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