Sunday, 25 August 2013

Watching for some reversal action this week ...

Hello traders and welcome to the weekly wrap up. Been a busy week. Tapering theme did not help the USD in the past week as weaker data undermined its strength. Looking in the week ahead, several reversal patterns taking shape at key resistance. Fingers crossed that I can capitalize on these this week. With that onto this week's forecast.

Pair Level(s) to watch Description
EUR/USD 1.32418, 1.34, 1.37098 Another weekly high set, but unable to close above 1.34. Pin bar fake out pattern. Watch for a short setup in the coming week (contrarian trade).
EUR/JPY 127.957, 129.493, 131.108, 132.738 Bullish week off 130 level. 131.108 is resistance turned support. Should be testing 132.738 this week.
EUR/GBP 0.84, 0.8468, 0.85898 Bullish momentum this week testing the 0.86 level, but unable to close above. Neutral at the moment on this pair. Watch for a break or rejection in the coming week from 0.85898 pivot.
EUR/AUD 1.44475, 1.45996, 1.47668, 1.49934 Inside bars on the daily chart. Slightly bearish on the H4 chart. Daily and weekly trends are still bullish.
EUR/CHF 1.22382, 1.22846, 1.24341 Bulls unable to take hold on this pair. Pair is neutral at the moment, but gut feel is to favour a retest of 1.2434.
EUR/CAD 1.36640, 1.38156, 1.39199, 1.41142 Bullish breakout of 1.38156. Next target target 1.41082. Watch for long entry signal.
AUD/USD 0.88468, 0.90406, 0.93043 No continuation on the break of 0.90406. Neutral on this pair at the moment. Watching for price action signal at 0.90406 pivot.
AUD/JPY 86.396, 89.68, 92.726 Bearish momentum stalled for the moment. Favour a break back above 89.68 if postitive risk appetitie takes hold this week.
NZD/USD 0.74656, 0.76868, 0.78576, 0.80979 NZD belted this week. Convincing close below 0.78576. Outlook is bearish all the way for this one in the upcoming week.
AUD/NZD 1.12639, 1.146 Positive break above 1.146. Watch for long entry opportunity.
AUD/CAD 0.93519, 0.95067, 0.96389 Pin bar off 0.93519. Watch for long entry opportunity this week.
USD/CHF 0.91745, 0.93887 Support at 0.91745 barely holding in the past week. May be an opportunity to play the reversal similar to EUR/USD pair.
USD/JPY 96.995, 98.231, 99.951, 101.522 Strong close above 98.231 and minor break of downward sloping resistance line. Favour continuation of bullish momentum in the coming week.
USD/CAD 1.03355, 1.04381, 1.05552 Bullish week which retested 1.05552. Pin bar reversal play maybe possible.
XAU/USD 1344.08, 1379.1, 1421.9, 1485.3 Bullish above 1344.08 key level. Looking for extension into 1421, then 1485. Watching for long entry opportunity this week.
SPX500 1598.4, 1647.9 Bearish momentum stalled. Neutral on the index at the moment.
GBP/USD 1.54194, 1.55737, 1.57365 Close for the week at key pivot without testing 1.57503. Watch for price action signal around this pivot level.
GBP/JPY 147.584, 151.468, 154.032 Price still in medium term consolidation. Testing the upper bound resistance. Pin bar fake out.
GBP/CAD 1.60415, 1.62029, 1.63891 Price broken above multi year highs. Testing 2011 levels.
GBP/AUD 1.63864, 1.68759, 1.7341 New high set in the past week, but did not close above key 1.7341 level. May see possible reversal this week.

As I mentioned previously, here are some of the short term reversal trades I'm looking at setting up this week:





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