Weekly Commentary: 3rd Nov 2013

Previous weekly commentary: Commentary on 27th Oct 2013

Hello Traders,

The USD index closed the week at around $81. As mentioned last week, I was looking for a break below $79. However, price went north instead and it made a very clear bullish statement – a strong weekly engulfing bar. While it is testing June low, price action looks like it can break above resistance. With that, I look forward to see what I’ll get in the coming Non-Farm week.

The following is my watch list for the week:

03 Nov - EURUSD Daily

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  • EURUSD – This week price made a false break and broke below 1.37. This completely went against my bias from last week (see article) but it was a good reminder that anything can happen in the market. Never be over confident and always only trade what you see. Anyway, now that price has reversed, I shall look for more potential short set ups and the first potential is the re-test of the resistance.

03 Nov - NZDUSD Daily

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  • NZDUSD – Price is currently cycling in a long term price channel and it looks like there’s some potential to go long as it is currently testing a support level (~0.82). Nonetheless, with the long bias of the USD, I’m not at all surprising that price might go short instead.  Let’s wait for some confirmation on this.

03 Nov - USDCAD Daily

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  • USDCAD – This is an interesting set up. As mentioned on the 13th Oct (see article), I found a new downward channel and I was wondering if price would test the old channel or the new channel was effective immediately. To my surprise, it was the latter. With that in mind, I shall start looking for potential short set ups as well.

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

Ps. Just a polite reminder that the clocks turn back this weekend for day light savings in USA.

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