Weekly Commentary: 27th Apr 2014

Previous weekly commentary: Commentary on 20th Apr 2014

Hello Traders,

The USD Index continues with its uncertainties. As much as I want to see more movements in the USD, there isn’t much going on. The only consolation I have is that many of the majors have decoupled – to a certain extend of course. With Non Farm coming up this week, I look forward to see more USD movement. Fingers cross.

The following is my watch list for the week:

27 Apr - EURUSD Daily Forex Chart

(Click on image for larger view)

  • EURUSD – In case you haven’t realised, this currency pair is in a major consolidation period. While the weekly chart shows a big wedge, the daily shows a complete sideway market. In fact, those range traders can probably make some decent profit trading the box range on intraday basis. Anyway, Al Brooks calls this the Barb Wire and it’s just a row of Doji and aimless bars. In line with the USD, I look forward to some movement as more news release is expected in the coming week.

27 Apr - GBPUSD Daily Forex Chart

(Click on image for larger view)

  • GBPUSD – Frankly speaking, the cable can be quite annoying. Unfortunately, this is the nature of trading. As I mentioned on the 17th April (see article), price gave me a strong pin bar off a soft support. However, there was no follow. In fact, just like the Euro, the cable moved side ways as well, as it continues to test the major resistance level. The bulls are strong but the bears are not giving in. May the best man win and, until then, I shall sit aside until the stronger of the two emerges.

27 Apr - NZDUSD Daily Forex Chart

(Click on image for larger view)

  • NZDUSD – Looking at the Kiwi and comparing it the both the EURUSD and GBPUSD, I actually like this pair the most. While can see a box range (again), this pair gave us a nice high test false break bar. It was a False break because price tried to break above the range after an inside bar (in fact, it was testing an old support) but failed and it closed in the opposite direction in the same session. Will this move lower? I look forward to it.

 

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

Ps. Today is the official launch of my new book. Make sure to grab a copy along with the Introductory Offer!!

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