Monday, May 27, 2013

Weekly Forex Market Analysis for the Week of May 27th until May 31st, 2013

Market Analysis – Equity markets retreat, Fed keeps Rates, GOLD bounces and USD/ZAR breaks higher



Our answer finally came last week with the retracement of the Dow Jones. The Dow retraced more than 300 points and gained back 200 points and was left with only 100 points retracement for last week’s trading session. In the trading profession we call this a healthy pullback, this in no way a clear indication that there should be a selloff that should follow. However we are entering the summer months which historically are quieter months with many people and countries beginning their holiday season.  With that said keep a keen eye for opportunities but be aware that markets are trading lighter volume.

Gold bounced sharply last week but still not holding above $1,400 level and may find itself slowly trickling lower.

The South African Rand continues to weaken in the background of the summer months mining strikes.  At these levels it’s not quite certain where it can weaken to. Keep in mind for a trader these are great opportunities.
Economic News for the week of May 27th until 31st 2013

JPY (5:50AM GMT) – BOJ Gov. Kuroda Speaks
No major news
USD (3:00PM GMT) – CB Consumer Confidence
JPY (1:00AM GMT) – BOJ Gov. Kuroda Speaks
EUR (Tentative) – Spanish 10-yr Bond Auction
CAD (3:00PM GMT) – BOC Rate Statement
CAD (3:00PM GMT) – Overnight Rate
AUD (2:30AM GMT) – Building Approvals m/m
 AUD (2:30AM GMT) – Private Capital Expenditure q/q
USD (1:30 PM GMT) – Preliminary GDP q/q
USD (1:30PM GMT) – Unemployment Claims
USD (3:00PM GMT) – Pending Home Sales
ALL CURRENCIES (Tentative) – G8 Meetings
NZD (2:00AM GMT) – ANZ Business Confidence
CAD (1:30PM GMT) – GDP m/m
ALL CURRENCIES (Tentative) – G8 Meetings










Technial Trading Gameplan for the week of May 27th until May 31st 2013




R1: 1.29468
R2: 1.29862
R3: 1.29862
S1: 1.29300
S2: 1.29164
R3: 1.29030


R1: 101.099
R2: 101.298
R3: 101.541
S1: 100.747
S2: 100.650
R3:   99.881



R1: 9.59088
R2: 9.60012
R3: New High
S1: 9.57240
S2: 9.56219
R3: 9.55848

R1: $1,399.55
R2: $1,429.81
R3: $1,479.54
S1: $1,372.31
S2: $1,358.04
R3: $1,345.07


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