Weekly Commentary: 24th Mar 2013

Previous weekly commentary: Commentary on 17th Mar 2013

Hi Readers,

The USD index has been pretty bullish since early February. Nonetheless, price seems a little over extended at the moment. On top of that, it looks like it made a double top recently (14th and 19th March) around the $83 price level. With that, my near term bias is short but I will be very keen to see how price will react to the support level around $81.50.

The following is my watch list for the week:

24 Mar - AUDUSD Daily

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  • AUDUSD – Price have moved north since the large low test bar mentioned on the 6th March (see article). The next resistance is at the top of the range which is around 1.06 price level. I shall wait to see if price will reach there and how price action will react to that level.

24 Mar - GBPUSD Daily

(Click on image for larger view)

  • GBPUSD – As mentioned on 11th March (see article), I am keen to find a short entry for cable. Price did pull back to 1.523. I will be watching price closely to get a better direction of price in coming week.
  • Gold – As mentioned on the 20th March (see article), I will be very keen to find a short entry on this commodity.

 

Thank you and Happy Trading in the week ahead!!

 

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