Weekly Commentary: 27th July 2014

Previous weekly commentary: Commentary on 20th July 2014

Hello Traders,

The USD closed the week around $81.10, this is definitely a new high compared to last week and this looks like a more and more convincing new up trend too. On top of that, this is a new higher high compare to high in early June. As mentioned last week (see article), I need to see a committed break above $81.50 for a confirmation of a longer term up trend. With that, let’s see what we’ll get from here onwards.

The following is my watch list for the week:

27 Jul - EURUSD Weekly Forex Chart

(Click on image for larger view)

  • EURUSD – Looking at the chart above, price looks like it broke it’s previous weekly swing low (~1.348). In fact, the weekly bar seems like it closed with a strong trend bar (with its close near its low). With that, my bias is moving towards a stronger longer term short. How far will it move lower? Only price will tell.

27 Jul - USDCAD Daily Forex Chart

(Click on image for larger view)

  • USDCAD – As mentioned on the 13th July (see article), I spotted a long trend bar on this currency. Price action seems to suggest a potential trend continuation heading back north. Looking at the chart above, price has just confirmed a move higher. On Friday, price moved back to test a old support (now resistance). Will price move higher? Or is it not ready yet?

27 Jul - AUDUSD Weekly Forex Chart

(Click on image for larger view)

  • AUDUSD – Looking at my last commentary (see article), price has been in a very choppy market. While I thought price was ready to climb higher, I was wrong. Nonetheless, if you were a pullback trader like me, then you should have be still sitting aside and waiting for a set up. Looking at the chart now, price is really only moving horizontally and nothing is happening just yet. While I continue to wait for a committed movement, I will continue to wait patiently.

 

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

 

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