Weekly Commentary: 9th June 2013

Previous weekly commentary: Commentary on 2nd June 2013

Hi Readers,

As mentioned last week, USD Index fell heavily and closed the week around $81.70. Price hit a support level around $81.40 before it close a little higher on Friday. With the support level – which was also a resistance in Nov 2012 – being tested the third time, the coming week will be critical to see if price will continue short or not.

With that, I look forward to see price at the early part of next week.

The following is my watch list for the week:

09 Jun - EURUSD Daily

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  • EURUSD – Reading price action at the moment, EURUSD looks like it’s starting to cycle in an upward channel. In an ideal situation, it will be great to see price cycling along the green path. However, momentum has been really strong since mid May and I’m not surprise if price breaks the 1.328 resistance level. If it does, I would like to take it long on the next pull back (blue path).

Let’s see what the sentiment is at the start of the coming week. 

09 Jun - GBPCHF Daily

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  • GBPCHF – This pair was in a range market (purple box) for nearly a week and price is showing a potential false break signal with Friday closing with a Low Test bar. The price channel looks a little pre-mature but the old resistance is now a potential new support.

 09 Jun - USDJPY Daily

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  • USDJPY – Finally, after waiting for a long time, this pair is finally giving me some relevant technical set ups. With bullish trend for the last few months, I believe the technical as well as the price patterns shows a potential long continuation. There is no guarantee that this will be a winner but at this point, it looks good – and that’s all I need to know.

Note: EURJPY, GBPJPY and other Yen crosses are showing similar set ups. If you decide to take all of them, please manage your risk wisely.

 

 

Thank you and happy trading week!

 

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