Weekly Commentary: 3rd Mar 2013

Previous commentary: Commentary on 24th Feb 2013

Hi Readers,

The USD index continued to move higher. This is definitely a good indication of a buyers coming back. At the moment, the dollar seems a little extended. I’ll be keen to look for a pullback before going long again.

The following is my watch list for the week:

03 Mar - AUDUSD Daily

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  • AUDUSD – As mentioned on the 12th Feb (see article), this pair is about to reach a nice support level (Green arrow). Although it took a long time to get to such a short distance, the support level is still valid. Let’s see if the AUDUSD is moving into a range market or will it break below the level.

03 Mar - EURGBP Daily

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  • EURGBP – As mentioned on the 3rd Feb (see article), this pair finally arrive at the top of the long term downward channel. It also coincides with a soft resistance level. Lastly, for those Fibonacci users, price is also bouncing off a 78.2% Fib level. I’ll be very keen to see if I can day a short set up on either the daily or 4 hour chart.

03 Mar - CADCHF Daily

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  • CADCHF – This currency pair made a double bottom last week. This was off a pretty strong level that has been tested in the past (Green arrows). Somehow, this slipped of my radar and I missed this entry. My alternative now is to wait for the break and re-test of the neckline around 0.921 for a long set up.

 

A quick reminder that Friday is Non-Farm pay day. Apart from that, thank you and Happy Trading in the week ahead!!

 

 

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