Weekly Trade Commentary: 23th Dec 2012

Previous commentary: Commentary on 16th Dec 2012

Hi Readers,

Just a very short and quick review of what I’m watching this coming week. The USD index made a new low this week which bounced off a decent support level around $79. Price is currently pulling back, this could potentially be a retracement or even a reversal.

The following is my watch list for the week:

22 Dec - GBPUSD Weekly

(Click on image for Larger View)

  • GBPUSD – The chart above is a weekly chart of this pair. The Cable just made a High Test on the weekly chart. This is also a 3rd attempt to break above the strong 1.62 Resistance level. On other hand, this ascending triangle shows a potential upside.

With that, I need to see how will price test the upward trendline. If it breaks it, my bias will be short (yellow path). Alternatively, if it bounce above the trendline, I’ll need to wait for a break above the Resistance level before taking any new positions (purple path).

22 Dec - AUDJPY Weekly

(Click on image for larger view)

  • AUDJPY – This pair has respected the weekly Resistance level. I’ll be looking for short positions from now.

Anyway, that’s it for this week. Thank you for reading.

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Lastly, wishing you and your family a Merry Christmas and Happy Holidays!!



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