Weekly Commentary: 10th Mar 2013

Previous commentary: Commentary on 3rd Mar 2013

Hi Readers,

The USD index closed higher this week and, unfortunately, it did it without the pullback that I wanted. Again, I’ll be keen to look for a pullback before going long again.

The following is my watch list for the week:

10 Mar - USDJPY Daily

(Click on image for larger view)

  • USDJPY – Finally, the Yen broke above a nice resistance (Green arrow) around 94.3 and it looks like it’s ready to run again. I have not looked at this pair as this pair has not provided much opportunity for my system. For now, I would be looking for a pull back before going long again in this bullish run (Orange path).

10 Mar - USDCHF Daily

(Click on image for larger view)

  • USDCHF – The Swissy has been pretty bullish recently but now it is testing a resistance level around 0.95. For those Fibonacci users, this is also a 50% level (drawn from end Jul to start of Feb). Although price poked through the resistance, I am very keen to see what price will do at the start of the coming week before I can be certain with the direction.

10 Mar - CADCHF Daily

(Click on image for larger view)

  • CADCHF – The chart above is a 4 hour chart on this currency. As mentioned in my commentary last week (see article), I was looking for a long entry once price breaks above the 0.92 neck line – which it did. Now, it would be great if price would pullback to the neckline before heading north again (Orange path). Looking forward to the week ahead.


Special Note: Remember to adjust your clocks if you work around New York trading hours as Day Light Saving time arrives. They are now 1 hour ahead while the British would change their clocks at the end of the month.

Thank you.

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Thank you and Happy Trading in the week ahead!!

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