Weekly Trade Commentary: 30th Dec 2012

Related article: Commentary on 23th Dec 2012

Dear Readers,

In line with last week, the USD Index continued its pullback since the bounce off the $79 level.  With Christmas and Boxing day in the middle of the week, market has been thin as expected.

The following is my short watchlist for some longer term potentials trades:

30 Dec - Gold Weekly

(Click on image for Larger View)

  • GOLD – This is a longer term view of Gold. As you can see, price is currently testing a trend line that held on pretty well since Nov 2008. For those Fib lovers, price is also testing the 62% retracement level now. My bias is long for now but I’ll need a Price Action set up before taking a position. 

30 Dec - NZDUSD Weekly

(Click on image for Larger View)

  • NZDUSD – The chart above is a weekly chart of this pair. As you can see, price did bounce off the previous resistance level (0.846) and it looks like there’s conviction (bearish engulfing bar) to go south. My target is the purple box area which is also a upward trend line with a few decent touches in the past (Green arrow).

 

That’s all for this week’s commentary.

Thank you and Happy holidays.

 

 

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