Weekly Trade Commentary: 14th Oct 2012

Related Ariticle: Commentary on 7th Oct 2012

The US Dollar is not showing any clear directions. It made a double top around 80.2 and ended the week with a higher low. It looks like a classic Triangle is forming. I’m going to be careful with any USD related pairs in the coming week.

My watch list for this week is:

  • EURNZD – I have to say, I’m pretty excited about this pair as it approaches a few strong resistance. The purple box (see chart) which is around 1.620 is my Resistance Zone with a confluence of Trendline, Weekly Resistance level and 61.8% Fib level. Will keep a close watch.
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  • GBPAUD – This pair as it approaches a strong weekly Resistance level at 1.621 (see chart). This level has been tested in Apr 2010, Jan 2011, Aug 2011, Oct 2011 and May 2012. Price is currently being tested at 78.2% Fib level. Let’s see if this would hold.
(Click image for Larger View)
  • EURAUD – my view remains the similar to my previous commentary. I’ll continue to watch this closely as it approaches the 1.30 level.

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

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