Weekly Commentary: 27th Oct 2013

Previous weekly commentary: Commentary on 20th Oct 2013

Hello Traders,

The USD index made another low this week and it is approaching the $79 mark that I mentioned last week. If price gives me a clean break below $79, that is a good confirmation that the bears are taking control. If not, we might see some short term bullish price action.

The following is my watch list for the week:

27 Oct - EURUSD Daily

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  • EURUSD – As mentioned last week, price was testing the major resistance level around ~1.37. This week, price broke above it. With that, my short term view of this pair will be bullish and I look forward to finding some long set ups. Of course, I won’t ignore the fact that there is also a possibility of a false break. Who knows what will get but I think the idea here is not to predict the market.

27 Oct - EURCAD Daily

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  • EURCAD – Similar to the EURUSD set up, this pair broke a resistance level that was untouched since June 2011. This is a significant high and it looks like price will be fairly bullish in the longer term. With that, I hope to find some near term long set ups. Alternatively, I might have to wait for a bounce at the bottom of my channel before I take it long.  

27 Oct - GBPAUD Daily

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  • GBPAUD – I’ve not commented about this pair for awhile now and that’s mainly because there was much to discuss. However, since price made a significant high in Aug 2013 and a potential double top in Oct 2013, price finally broke below the neckline (~1.69) and it looks like it is testing the neckline again before going short. Looking forward to taking this short.

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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2 Comments

  • Frank Page

    Reply Reply October 27, 2013

    Always appreciate your weekly analysis. Great work!

    • Alwin Ng

      Alwin Ng

      Reply Reply October 27, 2013

      Thank you for your kind words!!

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