Weekly Commentary: 26th May 2013

Previous weekly commentary: Commentary on 19th May 2013

Hi Readers,

As mentioned last week, the USD index is testing the high from July 2012. So far, price has stalled around the level with some very vague price action showing a potential reversal. In fact, they are too vague for me to even discuss it here.

Patience is key here and, hence, I think it’s best if I just stand aside until I anything exciting in the coming week. Who knows, we get a storm before the calm?

The following is my watch list for the week:

25 May - EURUSD Daily

(Click on image for larger view)

  • EURUSD – The chart above shows an interesting view of this currency pair. Looking at the downward channel, there seems to be enough momentum to go down further. However, nothing is certain in the market place and it is crucial for price to break its previous low for a confirmation of a downtrend. Meanwhile, the clues are just slowly building up in that direction. As I write this article, there looks a good short set up in front of me with price re-testing an old support (around 1.297) which is now a new resistance level. 

25 May - USDSGD Daily

(Click on image for larger view)

  • USDSGD – Like all many Majors (and Minors), the USD related pairs are testing significant levels at the moment. The USDSGD is no different. In fact, I find the set up on this pair fairly text-book-ish. However, I won’t be surprise to see price going either way.

25 May - EURCAD Daily

(Click on image for larger view)

  • EURCAD – This pair is in a symmetric triangle and the high test bar on Friday tilted the bias slightly towards a bearish market. Nonetheless, the triangle looks like it’s still at its infancy and I might consider waiting a little longer. As they say, the longer price compresses, the bigger the run.

 

  • AUDUSD – As mentioned on Thursday (see article), I am watching this pair (and most AUD crosses) pretty closely for a continuation set up.

 

Anyway, happy trading week ahead!!

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Ps. Note that Monday is a holiday in the UK and US.

 

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