Weekly wrap up 14/07/2013

Hey traders and welcome to this week's wrap up. An extremely volatile week with the FOMC minutes throwing more confusion into the mix; print more money, don't print more money, who knows what the Fed's thinking anymore. Key break outs from previous week somewhat negated on the back of the past week's event risks.

Aussie dollar weakness continues unabated with weaker unemployment figures weighing down the commodity currency. Even the promise of potential continuation of QE3 could not stop the free fall. AUD/USD however has put in a reverse hammer at key psychological level. Will see what happens this week.

Speaking of which, another big week with GDP and CPI figures on tap - I wonder when the fun will stop...ಠ_ಠ.

Key levels to watch

Pair	Level(s) to watch	Description	Bias
EUR/USD	1.29924, 1.32	Strong close above 1.3 level. Changes the bearish outlook to neutral. Short term bullish bias in place.	Neutral
EUR/JPY	128.795, 131.086, 132.745	Upward trending channel maintained. Likely to retest 1.325 level. First line of resistance at 1.31086.	Ranging
EUR/GBP	0.85898	Consolidation above 0.86. Continue to watch for long opportunity.	Bullish
EUR/AUD	1.39769, 1.4415	False break of head and shoulders pattern; new high set. Short term bullish, but still looking for short opportunity.	Bullish
EUR/CHF	1.2363, 1.238	Close to the downside. False break of 1.238 level. Watch for short opportunity.	Ranging
AUD/USD	0.90435, 0.91634	Extremely oversold; another new low set. Reverse hammer on the weekly chart. Watch for long opportunity.	Bearish
AUD/JPY	89.087, 92.95	Strong rejection of price at 93 level. Looking for a restest of 89.087 support.	Ranging
NZD/USD	0.78289, 0.74565	Reverse hammer on the weekly. May see price consolidating above 0.76868 level.	Ranging
AUD/NZD	1.16521	Bearish close; looking like another extension to the downside. Watching price closely at 1.16521 level	Bearish
AUD/CAD	0.94815	Another bearish weekly close signalling an extended run to the down side. Watching price at 0.94815 level.	Bearish
USD/CHF	0.95132, 0.95529	Price consolidating this week below 0.95 after the previous week's false break. Should see one more leg down in the short term to 0.93 level.	Ranging
USD/JPY	96.995, 99.9	Loss of 100 level. Looking at range between 100 and 97.	Ranging
USD/CAD	1.04177, 1.05524	Loss of 1.055 level. Consolidation below this level for the week.	Ranging
XAU/USD	1321	Stronger bullish close this week. Watching for short opportunity towards 1321 level.	Bearish
SPX500	1686	Continued bull run on stocks. Looks to retest 1686 record high.	Bullish
US Oil	103.6	Break of long term triangle. Watch for long opportunity this week.	Bullish
GBP/USD	1.52, 1.52813	Retracement this week. Watch for short opportunity at 1.52813 level.	Bearish
GBP/JPY	151.727, 149.434	Bearish scenario still valid. Watching for a break to the downside of the current range.	Bearish
GBP/CAD	1.58770, 1.58	Break of upward sloping trend line. Well into correction move now, targeting 1.55. Watching for retracement entry opportunity.	Bearish
GBP/AUD	1.63828, 1.662, 1.68729	Close above 1.662. Head and shoulders pattern faked out. Price back into consolidation ranges.	Ranging