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

 

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