Weekly Trade Commentary: 6th Jan 2013

Previous commentary: Commentary on 30th Dec 2012

Hi Readers,

Happy New Year!! If you just returned from you holidays, hope you had a great break.

The USD index made a clean touch around $81 and ended the week with a high test bar. While price made a new swing high, it looks over exhausted. This is an indication for a potential downside. If price goes below $79, that would be a healthy sign of short continuation.

 

The following is my watch list for the week:

06 Jan - EURUSD Daily

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  • EURUSD – This pair (above) shows price sitting at 1.30 price level which have been a significant level in the past. Price seems to have cycled nicely making higher highs and the low test bar off the 1.3 support level (Green arrow) shows a potential higher low entry for a potential upward trend continuation. Further support comes from the trendline starting from July 2012 (Orange arrow).

06 Jan - Gold Daily

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  • Gold – In line with my commentaries on 30th Dec, Gold price is now testing the 1633 support level (Green arrow) as well as the long term upward trendline with the daily bar closing as a nice pin bar on Friday. This also coincide with 62% Fib retracement level.

06 Jan - CADCHF Daily

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  • CADCHF – This pair (above) shows price sitting on a 0.939 resistance level which coincides with trendline (Orange arrow). Price seems to suggest good downward momentum.

 

Thank you and Happy Trading in the week ahead!!

 

 

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