Weekly Commentary: 21th July 2013

Previous weekly commentary: Commentary on 14th July 2013

Hi Readers,

The USD index moved slightly south this week which is part of the correction which started last week. Looking at price action at the moment, it looks like price will continue lower. The start of the week will be important to show if the bears are fully in control or if they are only just testing the water.

The following is my watch list for the week:

 20 Jul - EURUSD Daily

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  • EURUSD – In last week’s commentary, I mentioned that the Euro looks likely to go long. And it did, even though it did not go far. This week will be crucial to see if it will go any higher.  

20 Jul - GBPUSD Daily

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  • GBPUSD – Price action has been pretty bullish on this. I look forward to see if I can find any long continuation set ups.

 20 Jul - USDCAD Daily

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  • CADUSD – As mentioned last week (see article), I was expecting price to head lower. While that did not happen immediately, price re-tested the old support (new resistant) level and it now looks even more favourable for a short. In line with the USD index, the start of the week should show more confirmation of the direction.

 20 Jul - EURGBP Daily

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  • EURGBP – The last time I commented about this pair (see article), price was consolidating and I was looking for some clearer directions before taking any trade. Looking at it right now, price looks like it could go higher as it is re-testing the old resistance (new support) which is also the top of the range. Nonetheless, I am well aware of the long term channel which is not too far from existing price. Either way, I will be keeping a close watch on this.

 

Thank you for reading and happy trading week!

 

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2 Comments

  • Hamish Blyth

    Reply Reply July 29, 2013

    Well done on a good TA call for the USD Index a couple of weeks back. Keep up the good work. Regards, Hamish.
    28Jul13

    • Alwin Ng

      Alwin Ng

      Reply Reply July 29, 2013

      Thanks Hamish!!

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