Weekly Trade Commentary: 23rd Sept 2012

Dear readers,

This week, for the first time, I will start writing a high level weekly commentary of what I’m looking at for the rest of the week.

The USD index looks over extended and last week, the index started a pullback which could potentially turn into a reversal. Most majors and minors seems decoupled at the moment, so I’ll likely put less weight on the USD index.

My watch list for this week is:

  • EURGBP – Long @0.796 hor level, this is also a Resistance turning into a Support. Also, a potential bounce off the trendline. See EURGBP Daily chart below.
  • GBPUSD – a high test bar short which is also a false breakout signal @1.630. Price is testing a level once reached in 04/2012.
  • AUDNZD – weekly trendline (tested in 10/2009, 7/2010, 8/2011, 4/2012), Will have to watch Price Action closely on this one.
  • Gold approaching the significant 1800 level, will look for Price Action for potential continuation or reversal setup

 

(Click on Image for Larger View) 

Thank you for reading and happy trading week!

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