Weekly Trade Commentary: 7th Oct 2012

Related Ariticle: Commentary on 30th Sept 2012

Last week, the USD Index showed a decent short continuation pattern which respected a downward trendline. My current bias is short based on that and I’ll use this to find trade set ups for the Majors and Minors.

My watch list for this week is:

  • AUDUSD – Price is currently in a box range (See chart below). I’m watching for either a break below for a short continuation or a bounce for a long reversal trade. The following is a AUDUSD Daily chart.
(Click on image for Larger View)
  • EURAUD – Price is approaching the top of the channel (Green arrow – see chart below) as well as a strong Resistance (Blue arrow) around 1.30 level. This pair has worked well on my channel in the past (see my EURAUD article on 5th Aug) and has given me some fat profits. Past results are not necessarily indicative of future results but I like it when my signals have been respected.
(Click on image for Larger View)
  •  Gold – similar to last week’s comments, Gold is approaching the significant 1800 level, I will be looking for Price Action for confirmation of a reversal. Alternatively, I’ll keep an eye for any potential continuation trades.
  • AUDNZD – currently testing a weekly Support level at 1.236 (tested in Jul 2006, Jul 2009, Dec 2009 and Aug 2011). The last time Price was below this level was in Jul 2010. Price has also been making lower highs since Mar 2011. I’ll be watching this closely in the coming week.
  • EURCAD – Price is testing a resistance level at 1.278. I’ll been watching for a potential long continuation at the break above this level. Price is always making nice and decent higher highs and higher lows which supports my argument.

That’s all for this week. Thank you for reading and Happy Trading!!

 

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