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 22^nd 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 24^th until June 28^th, 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