moneytree123
Recruit
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AUD/USD
As I suggested last week the bullish trend had reached a point where retracement was likely before a further up move and that is exactly what happened. The price fell from 0.9757 to the support level 1 pivot point of 0.9571 almost 20 pips. This level was hit twice during the reversal on the long term trend but didn't break; now a key area for either a continuation of the bullish trend or confirmation of the change in trend to a bearish bias. I will be getting in this for a buy ASAP with a small stop loss and if that stop loss is hit I will be going bearish all the way to 0.9278.
EUR/USD
We got the confidence we needed when we broke through the 1.3710 level early in the week and started the slow climb to 1.3800. A good trade but the last two days of the trading week have etched doubt in my mind to whether or not this bullish trend can continue. The next major point of resistance is 1.4194 but I would expect to see some consolidation and a reversal before we get above the 1.3850 mark. My next move will be to reverse back to 1.3660 before I re-buy this pair or breakthrough the 1.3850 to get the confidence to get in on higher risk. I won't be touching a sell until 1.3660 becomes resistance once more.
GBP/USD
The support level 1.6153 we talked about last week was breached briefly on Monday only to show good support again for the rest of the week. Although we are consolidating slightly in the middle of the rising channel when we look at the daily chart you will see that we have already hit a long term resistance level of 1.6224. I will be looking for the 1.6153 level to become resistance before I jump into a sell and I will be wanting to see 1.6224 become support before I enter the buy trade.
USD/CAD
Disappointing outcome to this currency pair as it completely reversed and broke through the resistance level of 1.0300. We have also broken back above a rising trend line which looks to open the way to 1.0569. However I would expect some turbulence around the 1.0472.
USD/CHF
As expected we are going through some choppy times but the sell trade is still the bias. I do have concerns with the current price as it brings back some slight support levels from February 2012. Although we breached those levels by 50 or so pips we did reverse back to rest on them again. Once this level is broken and becomes resistance I will be expecting a good sell trade down to 0.8653.
USD/JPY
We made it down to 96.90 last week where we hit a recurring support level which dates back to March of this year. Although it pains me to say it I am expecting this to return to the bullish trend very soon unless this level becomes a solid resistance.
AUD/USD
As I suggested last week the bullish trend had reached a point where retracement was likely before a further up move and that is exactly what happened. The price fell from 0.9757 to the support level 1 pivot point of 0.9571 almost 20 pips. This level was hit twice during the reversal on the long term trend but didn't break; now a key area for either a continuation of the bullish trend or confirmation of the change in trend to a bearish bias. I will be getting in this for a buy ASAP with a small stop loss and if that stop loss is hit I will be going bearish all the way to 0.9278.
EUR/USD
We got the confidence we needed when we broke through the 1.3710 level early in the week and started the slow climb to 1.3800. A good trade but the last two days of the trading week have etched doubt in my mind to whether or not this bullish trend can continue. The next major point of resistance is 1.4194 but I would expect to see some consolidation and a reversal before we get above the 1.3850 mark. My next move will be to reverse back to 1.3660 before I re-buy this pair or breakthrough the 1.3850 to get the confidence to get in on higher risk. I won't be touching a sell until 1.3660 becomes resistance once more.
GBP/USD
The support level 1.6153 we talked about last week was breached briefly on Monday only to show good support again for the rest of the week. Although we are consolidating slightly in the middle of the rising channel when we look at the daily chart you will see that we have already hit a long term resistance level of 1.6224. I will be looking for the 1.6153 level to become resistance before I jump into a sell and I will be wanting to see 1.6224 become support before I enter the buy trade.
USD/CAD
Disappointing outcome to this currency pair as it completely reversed and broke through the resistance level of 1.0300. We have also broken back above a rising trend line which looks to open the way to 1.0569. However I would expect some turbulence around the 1.0472.
USD/CHF
As expected we are going through some choppy times but the sell trade is still the bias. I do have concerns with the current price as it brings back some slight support levels from February 2012. Although we breached those levels by 50 or so pips we did reverse back to rest on them again. Once this level is broken and becomes resistance I will be expecting a good sell trade down to 0.8653.
USD/JPY
We made it down to 96.90 last week where we hit a recurring support level which dates back to March of this year. Although it pains me to say it I am expecting this to return to the bullish trend very soon unless this level becomes a solid resistance.
