Weekly Commentary: 9th Feb 2014

Previous weekly commentary: Commentary on 2nd Feb 2014

Hello Traders,

The ascending triangle continues to on the USD index. Looking at the USD index now, price seems to be moving towards the lower trend line of the triangle again. Will it break the trend line? Or will the triangle stay intact? Let’s see what we’ll get in the coming week.

The following is my watch list for the week:

09 Feb - GBPUSD Daily Forex Chart (Click on image for larger view)

  • GBPUSD – There has been some interesting development on this currency pair. As mentioned on the 29th Jan, the cable showed a wedge pattern and I was expecting a breakout from it. However, even though price did break out of the wedge, there was no conviction on the movement. Instead, the short term support level (~1.626) within the resistance held on really well. Non-farm results looks to have fuel a bullish move. With that, my near term long target is 1.673. As price action has been fairly choppy on the USD, I would trade with caution until I get more confirmation.

09 Feb - AUDNZD Daily Forex Chart

(Click on image for larger view)

  • AUDNZD – Price has been in a down trend for awhile now. It is also a nice retest of the previous lower high ~1.09. As the trend is strong, this looks like a nice short continuation set up.

09 Feb - AUDCAD Daily Forex Chart

(Click on image for larger view)

  • AUDCAD – The price action showed an ascending triangle that recently broke out. Price looks like it is making a pullback before going long again. I’ll be looking for long set ups from here.

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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