Weekly Commentary: 24th Feb 2013

Previous commentary: Commentary on 17th Feb 2013

Hi Readers,

The USD index broke a new high this week and closed around $81.50. Price stalled at another resistance level that was tested in mid Jun 2012 and mid Nov 2012. These 2 are fairly strong levels and I will be watching closely to see how price will unveils itself.

The following is my watch list for the week: 

24 Feb - EURUSD Daily

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  • EURUSD – On Friday, price closed with a doji and it coincidentally sits on a nice support level (Green arrows) around 1.316. This also meets the long awaited upward trend line that I’ve mentioned in the past. For those Fibonacci users, price is also testing a 50% Fib Ret level. Let’s see what price will present to us at the start of the week.

24 Feb - USDCHF Daily

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  • USDCHF – Let’s look at Euro’s close cousin – the Swissy. Although the Euro and the Swiss Franc have decoupled a little lately, they somehow still retains a strong relationship. As shown above, this pair presents an almost equal but opposite opportunity. This pair is also testing a similar (but different) resistance level around 0.931.

24 Feb - Gold Daily

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  • Gold – As mentioned on 10th Feb (see article), Gold had a triangle pattern. Since it broke out of the triangle, price has been running. However, it is about to approach the next support level around $1535. If this support level holds, then Gold is about to enter a ranging market between $1535 and $1790. Since price is starting to look slightly over extended, my view is beginning to get bullish.

24 Feb - EURAUD Daily

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  • EURAUD – As mentioned on 27th Jan (see article), this pair broke above an ascending triangle and I was looking for (1) a bounce around 1.30 followed by (2) a pullback before a long continuation set up around 1.28.

Well, even though my forecast was not 100% accurate, the current set up on this pair has pretty much met my requirements. With that, I’m keeping a very close watch looking for a long set up.

 

Thank you and Happy Trading in the week ahead!!

 

 

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