Weekly Commentary: 29th Sept 2013

Previous weekly commentary: Commentary on 22nd Sept 2013

Hello Traders,

The USD index closed around $80.4 as made no real movement this week despite the big drop last week. It looks like the market it looking for some confirmation of some sort. With the end of the Q3 closing on Monday, I would expect some surprise movements but nothing has happened so far. Until I get more confirmation, I’m staying out for now.

The following is my watch list for the week:

29 Sep - EURUSD Daily

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  • EURUSD – Just like the USD, this pair has been pretty flat this week. In fact, you can probably find a well defined range or even a double top on the 4 hour chart. In line with my commentary last week, I’d expect price to retest the 1.34 level before moving higher. Pending on the market sentiment for October, I’m not surprise if price just continues north. However, I do think that price is a little over extended and a correction is due.

29 Sep - GBPUSD Daily

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  • GBPUSD – Price is still cycling healthily in the downward price channel and it looks like it’s near the top now. The minor resistance (~1.63) looks to provide some resistance as well. Similar to EURUSD, price looks a little over extended and, ideally, I would like to see a test of the top before dropping south again.

29 Sep - EURNZD Daily

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  • EURNZD – As mentioned on the 28th July (see article), I was looking for price to break below the 1.636 level followed by a retest of that level. Looking at price right now and it looks like it’s ready to go as plan. I’ll be keeping a close eye on this.

 

Thank you for reading and happy trading week! Please post any questions or comments that you may have at the box below.

Ps. As mentioned before, Monday is the last day of Q3. We also have Non-Farm data releasing this Friday. Trade with care.

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