Weekly Commentary: 25th May 2014

Previous weekly commentary: Commentary on 18th May 2014

Hello Traders,

This week the USD Index closed higher at around $80.40. This is inline with what I’m looking for and, as mentioned last week (see article), price needs to break and close above $80.80 as that will give me a new higher high in price action.

The following is my watch list for the week:

25 May - AUDUSD Daily Forex Chart(Click on image for large view)

  • AUDUSD – In line with the USD, the Aussie is also moving lower. In fact, it is currently in a nice and well defined range market. This is a fairly well balanced market with no clear leader at the moment. With that, I will be watching close to see which direction it will be going next.

25 May - USDCAD Daily Forex Chart

(Click on image for large view)

  • USDCAD – Since my last commentary on the 8th May (see article), I was looking for a lower low and for price to show me a confirmation of a strong downwards market. Unfortunately, price started to get choppy and there was no clear commitment to go lower just yet. Nonetheless, price is sitting between a near term resistance and support. Wonder where it’ll be going next?

25 May - EURGBP Weekly Forex Chart

  • EURGBP – This currency pair seems to be moving lower again and when I move back out to the bigger picture, the downward market is still intact. Looking at the chart above, price is currently testing a support level (~0.808). Will price move lower or will it move higher. Let’s see what we’ll get from here.

 

Thank you for reading and happy trading week! Make sure to post any questions or comments at the box below.

 

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