Weekly Commentary: 24th Nov 2013

Previous weekly commentary: Commentary on 17th Nov 2013

Hello Traders,

The USD index closed the week at around $80.70 – another sideway week. Nonetheless, it looks more and more like a mid term correction in the making. It price was to drop further, I would like to see it drop below $79 for a solid confirmation of a bear market.

The following is my watch list for the week:

24 Nov - GBPUSD Daily

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  • GBPUSD – As mentioned last week, price could potentially head higher in since the false break on 13th Nov. As there is a resistance zone around 1.63-1.67, price need to break above it for a bullish confirmation. With that, I’ll be keeping a close watch to see I’ll get a long set up or not.

24 Nov - USDJPY Weekly

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  • USDJPY – Looking at the Yen at the moment, price finally broke out of the triangle. If you manage to catch the run, my near term target is around 103.6, with price potentially going even higher.

24 Nov - USDSGD Daily

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  • USDSGD – Looking at simple price action at the moment, price seems to be testing a resistance level (~1.25) at the moment. Will price drop further? I’m definitely looking forward to find out.

 

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

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