Weekly Commentary: 30th Mar 2014

Previous weekly commentary: Commentary on 23rd Mar 2014

The USD Index closed the week at $80.30 again and this time forming a weekly low test. While the low test don’t mean much on its own, it does give a slightly bullish bias indicating that the bulls are still in control after the engulfing bar from previous week. With that, I look forward for a long continuous market at least for the short term basis. For a longer term bullish trend, I need a clear break above $81.50 and, for a bearish trend, I need a clear break below $79.00.

The following is my watch list for the week:

30 Mar - AUDUSD Daily Forex Chart

(Click on image for larger view)

  • AUDUSD – As mentioned since early Feb and on the 9th March (see article), I was looking for a bullish set up for this currency pair. With a confluence of technical factors, price made a nice bullish move last week. With that, I will only take long trades from here onwards, potentially when price makes the next correction.

30 Mar - EURGBP Daily Forex Chart

(Click on image for larger view)

  • EURGBP – Price broke out of the wedge with a bullish bias (see article) and since then, I have been waiting for a long entry. Recently price made a strong pullback and its back to retest the trend line, there is also a soft support level. Is price ready to go long again? I look forward to find out.

30 Mar - EURAUD Daily Forex Chart

(Click on image for larger view)

  • EURAUD – As mentioned on the 2nd Mar (see article), I spotted a nice tilted head & shoulder pattern. Looking at the chart above, price went according to plan. While I took a short take, I have already close in profit. From here on and in line with the AUDUSD, I shall wait for a correction before taking any short set ups.


Ps. A friendly reminder that it’s the close of Q1 for 2014. Also, with a few news announcements coming up, do trade with caution.


Thank you for reading and happy trading week! Post any questions or comments that you may have at the box below.

Leave A Response

* Denotes Required Field