Weekly Commentary: 5th Jan 2014

Hello Traders,

Wishing you a Happy New Year. This is my first market commentary for the year and let’s work towards finding more profitable trades in 2014.

Let’s start the commentary with the USD index. This week, price showed signs of bullish continuation after the weekly engulfing bar at the end of Oct 2013. Price seems to be back in the long after a correction pullback as it is showing some bullish candlesticks again. With that, I will be looking for more long set ups in the coming weeks. I’ll also be using the coming non-farm data results as confirmation.

The following is my watch list for the week:

05 Jan - EURUSD Weekly

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  • EURUSD – As mentioned on the 12 Dec (see article), both the horizontal resistance and the trend line look strong at the moment. With the double top pattern, that is the first sign of a bearish pattern. Will we get more bears?

05 Jan - GBPUSD Weekly

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  • GBPUSD – As mentioned on the 23rd Oct (see article), price was testing a resistance zone. At the moment it is still within the zone and price does seem somewhat extended since the start of the Bull Run in July.

05 Jan - AUDUSD Weekly Forex Chart

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  • AUDUSD – As mentioned on the 15th Dec (see article), price was testing the support level. If price breaks below the support, it will be a fairly significant event as price makes a lower low in longer term price action.

05 Jan - USDJPY Weekly Forex Chart

(Click on image for larger view)

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  • USDJPY – as mentioned several times, the Yen continues to fly high. Let’s see if we can find a pullback before it continues long.

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

 

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