Monday, June 24, 2013

Weekly Forex Market Analysis for the week of June 24th until June 28th, 2013


Market Analysis – Have the Markets Topped or is it Just a Healthy Pullback?

 

 
Following US Fed Chairman Bernanke’s comment on his intention to end QE, the US markets have been unable to reclaim their previous highs. The S&P500 is nearly 5% down from its May 22nd high of 1685. Also seeing news lows is Gold that seems to have temporarily lost its safe-haven status. The USD/JPY is another trade that currency traders are paying close attention to. Its correction over the last several weeks could be nothing more than a consolidative phase before another push higher.

Technial Trading Plan for the week of June 24th until June 28th, 2013

EUR/USD




RESISTANCE
R1:  1.31883
R2:  1.32336
R3:  1.33052
SUPPORT
S1:  1.30426
S2:  1.29758
R3:  1.28375

USD/JPY




RESISTANCE
R1:  98.212
R2:  98.268
R3:  99.219
SUPPORT
S1:  97.463
S2:  97.297
R3:  96.974

 USD/ZAR



RESISTANCE
R1:  10.11188
R2:  10.23831
R3:  10.31666
SUPPORT
S1:  10.04243
S2:    9.92312
R3:    9.84299

 XAU/USD – GOLD



RESISTANCE
R1:  $1,391.66
R2: $1,425.00
R3:  N/A
SUPPORT
S1:  $1,263.54
S2: $1,176.88
R3:  $1,101.52

S & P Futures



RESISTANCE
R1:  1,620.06
R2:  1,638.06
R3: 1,654.13
SUPPORT
S1:  1,568.84
S2:  1,528.42
R3: 1,480.00

 

Monday, June 17, 2013

Weekly Forex Market Analysis for the week of June 17th until June 21st


Market Analysis – Short term Trades Remain the Best Strategy

 

 Current market conditions aren't giving us any clear signs as of yet. The dollar index is still in free fall, the S&P 500 is still in a position to either resume its uptrend or continue lower and finally the Gold market has been stuck in a 40 point range for the last month. Needless to say, the next move in the various financial markets could be explosive and there is no better time to be a trader than now. We have a number of economic events this week that should produce quite a bit of volatility and sizeable profits for those that are appropriately positioned.

Technial Trading Plan for the week of
June 17th until June 21st 2013

EUR/USD




RESISTANCE
R1:  1.33484
R2: 1.33665
R3:  1.34000
SUPPORT
S1:  1.33161
S2:  1.33041
R3:  1.32692

USD/JPY




RESISTANCE
R1:  95.305
R2:  96.155
R3:  96.996
SUPPORT
S1:  92.999
S2:  91.625
R3:  NA

 
USD/ZAR



RESISTANCE
R1:  10.0300
R2:  10.11550
R3:  10.18787
SUPPORT
S1:  9.83977
S2:    9.78635
R3:    9.67779

 
XAU/USD – GOLD
 
RESISTANCE
R1:  $1,394.75
R2: $1,399.04
R3:  $1,422.00
SUPPORT
S1:  $1,376.11
S2: $ 1,370.35
R3:  $1,347.98

S & P Futures



RESISTANCE
R1:  1,638.06
R2:  1,644.83
R3:  1,658.35
SUPPORT
S1:  1,622.78
S2:  1,607.23
R3:  1,595.00

 

Tuesday, June 11, 2013

Weekly Forex Market Analysis for the week of June 10th until June 14th


Market Analysis – Dollar wimps out, Gold trading in a range and USDZAR still struggling

 

 
Last week’s trading session just comes to show you that the U.S. isn’t as strong as it once was. The dollar tanked last Thursday against all of the major currencies and is still struggling. With economic factors to blame it’s still not clear how much further the dollar stands to lose. Currencies are being traded by an economy’s weakness rather than one country’s strength against another. Yesterday, one of the largest financial ratings company, Standard and Poor Co., upgraded the U.S.’s credit rating from a ‘negative’ to ‘stable’. Although the news had no bearing on the currency yesterday, let’s see with more news coming out at the end of the week if the USD can regain it’s previous strength

Gold has also been very week not breaking above $1,420 range and retracing to the bottom of the range of $1,380 range. Which leads us to the USDZAR, which has been struggling with the depreciating price of GOLD and constant strikes. Technically, the pair is trading near resistance and could break higher.



Technial Trading Gameplan

EUR/USD
 
   
RESISTANCE
R1:  1.32895
R2:  1.33171
R3:  1.33894
SUPPORT
S1:  1.32466 
S2:  1.32238
R3:  1.31808

USD/JPY
 
 
RESISTANCE
R1:  99.808
R2:  101.701
R3:  103.381
SUPPORT
S1:  96.724
S2:     94.618
R3:    92.633

 

USD/ZAR
 
 
RESISTANCE
R1:  1.27297
R2:  New Highs
R3:  New Highs
SUPPORT
S1:  9.29803
S2:  8.87830
R3:  8.75602

 
XAU/USD – GOLD




RESISTANCE
R1:  $1,398.28
R2: $1,409.58
R3:  $1,422.94
SUPPORT
S1:  $1,372.58
S2: $ 1,359.56
R3:  $1,341.41

 

S & P Futures
 
RESISTANCE
R1:  1,656.71
R2:  1,672.17
R3: 1,684.71
SUPPORT
S1:  1,622.97
S2:  1,599.50
R3: 1,533.84

 

Monday, June 3, 2013

Weekly Forex Market Analysis for the week of June 3rd to June 7th, 2013


Market Analysis – Gold struggling to stay above $1,400, S.A. Rand continues to weaken, and the Euro stages another small rally

 

 

In last week’s session we saw some exciting movement during the end of the week with GOLD rallying to $1,420 to only selloff by the end of the week to $1,390ish. The commodity is struggling to keep an upward trend. The reason it may be challenged can be attributed to the fact that as the stock markets get stronger the reallocation of monies from GOLD are being funneled back to stocks for higher returns. Thereby resulting in a selloff in GOLD.

The real story of the week is the South African Rand, its major escalation last week to above 10 is a major concern for the currency. We suggest strongly following this currency and waiting for a major confirmation before shorting the currency.

In other news, the Euro staged a late week rally, and holding above 1.30 by week’s end. This maybe a sign that the EURO isn’t as weak as previously anticipated. Keep in mind that there are a few more economic obstacles the currency still needs to see through before we can say that it’s back on track for a recovery.

 
Economic News for the week of June 3rd to June 7th, 2013


Monday
Tuesday
Wednesday
Thursday
Friday
AUD (2:30AM GMT) –
Retail Sales m/m
GBP (9:30AM GMT)–
Manufacturing PMI
USD (3:00PM GMT) –
ISM Manufacturing PMI
 
AUD (5:30AM GMT) –
Cash Rate
RBA Rate Statement
GBP (9:30AM GMT) –
Construction PMI
CAD (1:30PM GMT) –
Trade Balance
USD (1:30PM GMT) –
Trade Balance
 
AUD (2:30AM GMT) –
GDP q/q
GBP (9:30AM GMT) –
Services PMI
USD (1:15PM GMT) –
ADP Non-Farm
Employment Change
CAD (1:30PM GMT) –
Building Permits m/m
USD (3:00PM GMT) –
ISM  Non –
Manufacturing PMI
AUD (2:30AM GMT) –
Trade Balance
CHF (8:15AM GMT) –
CPI m/m
EUR (Tentative) –
Spanish 10y Bond
Auction
GBP (10:00PM GMT) –
Asset Purchase Facility
Official Bank Rate
GBP (Tentative) –
MPC Rate Statement
EUR (1:30PM GMT) –
ECB Press Conference
USD (1:30PM GMT) –
Unemployment Claims
CAD (3:00PM GMT) –
Ivey PMI
 
CAD  (1:30PM GMT) –
Employment Change
Unemployment Rate
USD (1:30PM GMT) –
Non-Farm Employment Change
Unemployment Rate

 

 

 

 

 



 

Technial Trading Gameplan for the week of June 3rd to June 7th, 2013

 

EUR/USD

 


 

 

RESISTANCE
R1:  1.30282
R2:  1.30426
R3:  1.30563
SUPPORT
S1:  1.30075
S2:  1.29986
R3:  1.29860

 

USD/JPY

 


 


RESISTANCE
R1:  100.609
R2:  100.716
R3:  100.075
SUPPORT
S1:  100.289
S2:     99.787
R3:   97.128

 

USD/ZAR

 





RESISTANCE
R1:  10.08695
R2:  10.16472
R3:  10.26734
SUPPORT
S1:  10.01308
S2:    9.97911
R3:    9.84712

 

XAU/USD – GOLD

 


 

  
RESISTANCE
R1:  $1,399.38
R2: $1,410.30
R3:  $1,417.05
SUPPORT
S1:  $1,391.63
S2: $ 1,388.97
R3:  $1,384.72

 
 
S & P Futures

 


 

RESISTANCE
R1:  1,640.05
R2:  1,646.48
R3: 1,651.24
SUPPORT
S1:  1,626.22
S2:  1,625.34
R3: 1,621.58