Weekly Commentary: 23rd Feb 2014

Previous weekly commentary: Commentary on 16th Feb

Hello Traders,

The USD Index predominantly only moved side ways last week. In fact, it made a small retracement and it looks like it’s about to drop further. Will it drop in the coming week? Who knows? In fact, I’m going to sit aside until I see some price action movement.

The following is my watch list for the week:

22 Feb - AUDUSD Daily Forex Charts

(Click on image for larger view)

  • AUDUSD – The Aussie is at an interesting junction now. As mentioned on the 2nd Feb (see article), price was testing the bottom of my channel. However, price moved higher since then but it is about to make a new high in the new direction.  Will price make a higher high? If yes, I’ll look for a retest of the neck line before taking it long. Meanwhile, I’ll just wait patiently on the side.

22 Feb - AUDCAD Daily Forex Charts

(Click on image for larger view)

  • AUDCAD – Since my commentary 9th Feb (see article), price did move in my favour. However, it didn’t move far before I hit another resistance. In fact, this is a longer term resistance. At the same time, it has also built a nice wedge pattern – another of my favourites. With that, I look forward for a breakout of the wedge before I take any trades.

22 Feb - EURCAD Daily Forex Charts

(Click on image for larger view)

  • EURCAD – In line with the AUDCAD, the EURCAD is also testing a strong resistance level. In fact, if you look at the daily chart, Friday closed with a nice lower test bar. However, will price go in the right direction? Let’s see what we get in the coming week.

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

 

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