Weekly Commentary: 2nd June 2013

Previous weekly commentary: Commentary on 26th May 2013

Hi Readers,

USD Index broke out of consolidation and it is looking to continue south in the near term. Price looks like it is in correction mode as it has been in a healthy uptrend since early March. With Non-Farm Payroll this coming Friday, I look forward to see where price will lead us.

The following is my watch list for the week:

02 Jun - EURUSD Daily

(Click in image for larger view)

  • EURUSD – In line with the USD Index, price seems to suggest that there is strength to go north after the breakout of consolidation (purple box above). As mentioned last week (see article), price needs to go below its previous low for a short confirmation and that did not happen. Instead, price broke with a bullish trend bar and looks like it re-tested the old resistance that turned support (around 1.296). Meanwhile, price is also facing a near term downward trend line.

With that, my bias is for price to break above the trend line but I will not be surprise if price fails and continues south.

 02 Jun - GBPUSD Daily

(Click in image for larger view)

  • GBPUSD – As mentioned on 30th May (see article), my bias for this pair is long and the chart above is a 4 hour chart is showing me the set up I want. As this only happened on a late Friday session, I look forward to Monday morning to place my order.

 02 Jun - NZDUSD Daily

(Click on image for larger view)

  • NZDUSD – This pair has been pretty bearish for awhile now and it looks like there is a bit more to go. However, I feel that price is due for a correction and the next support level that I see is around 0.781. On top of that, the upward trend line looks like it is holding on pretty well. Looking at the chart above, it does not look like it is going to happen anytime soon but I look forward to see how price will react to it when it gets there.

Just a reminder, it is non-farm day this Friday, happy trading in the week ahead!!

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