Weekly Forex Market Chart Analysis – February 10th - 14th 2014
EURUSD – Euro/dollar pushes up from support, resistance near 1.3700
The EURUSD is in a trading range right now between 1.3700 resistance and support down near 1.3475 as we can see in the daily chart below. The market continued pushing higher on Friday following Thursday’s strong surge higher after rejecting support near 1.3475. We could see the market re-test the resistance near the top of this trading range up at 1.3700 this week, if that happens traders can keep an eye out for bearish price action strategies there to trade back down toward the trading range support.
GBPUSD – Sterling/dollar surges higher after pin bar buy signals
The GBPUSD pushed higher on Friday following the double pin bar buy signals that we discussed in our February 5th commentary. Note that on Thursday the market retraced to just over the 50% level of the pin bars, providing for a trade entry trick that could have got you a tight stop loss and a 1:2 risk reward gain already. There’s potential for this market to continue higher this week while it trades atop 1.6300 with key resistance not seen until up near 1.6600 area.
AUDUSD – Aussie/dollar remains buoyant
The AUDUSD consolidated on Friday, basically ending the day unchanged from Thursday’s close. In recent commentaries, we’ve discussed that the AUDUSD made a strong bounce higher after hitting a longer-term 50% retrace level down near 0.8650 which acted as support. Near-term momentum has turned bullish in this market and this week we will be looking for price action buy signals on the 4 hour or daily chart time frame on a retrace back to value / support whilst the market is trading above 0.8825 key near-term support.
Gold - Spot Gold consolidating
The Spot Gold market has been consolidating over about the last two weeks but still has a bullish bias to it. We can see the market is staying buoyant above the 21 day EMA dynamic support level as well as key near-term support down at $1230.00. Whilst the market remains above $1230.00 support we are more bullish biased on this market.
EURUSD – Euro/dollar pushes up from support, resistance near 1.3700
The EURUSD is in a trading range right now between 1.3700 resistance and support down near 1.3475 as we can see in the daily chart below. The market continued pushing higher on Friday following Thursday’s strong surge higher after rejecting support near 1.3475. We could see the market re-test the resistance near the top of this trading range up at 1.3700 this week, if that happens traders can keep an eye out for bearish price action strategies there to trade back down toward the trading range support.
GBPUSD – Sterling/dollar surges higher after pin bar buy signals
The GBPUSD pushed higher on Friday following the double pin bar buy signals that we discussed in our February 5th commentary. Note that on Thursday the market retraced to just over the 50% level of the pin bars, providing for a trade entry trick that could have got you a tight stop loss and a 1:2 risk reward gain already. There’s potential for this market to continue higher this week while it trades atop 1.6300 with key resistance not seen until up near 1.6600 area.
AUDUSD – Aussie/dollar remains buoyant
The AUDUSD consolidated on Friday, basically ending the day unchanged from Thursday’s close. In recent commentaries, we’ve discussed that the AUDUSD made a strong bounce higher after hitting a longer-term 50% retrace level down near 0.8650 which acted as support. Near-term momentum has turned bullish in this market and this week we will be looking for price action buy signals on the 4 hour or daily chart time frame on a retrace back to value / support whilst the market is trading above 0.8825 key near-term support.
Gold - Spot Gold consolidating
The Spot Gold market has been consolidating over about the last two weeks but still has a bullish bias to it. We can see the market is staying buoyant above the 21 day EMA dynamic support level as well as key near-term support down at $1230.00. Whilst the market remains above $1230.00 support we are more bullish biased on this market.
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Editors’ Picks
AUD/USD remained bid above 0.6500
AUD/USD extended further its bullish performance, advancing for the fourth session in a row on Thursday, although a sustainable breakout of the key 200-day SMA at 0.6526 still remain elusive.
EUR/USD faces a minor resistance near at 1.0750
EUR/USD quickly left behind Wednesday’s small downtick and resumed its uptrend north of 1.0700 the figure, always on the back of the persistent sell-off in the US Dollar ahead of key PCE data on Friday.
Gold holds around $2,330 after dismal US data
Gold fell below $2,320 in the early American session as US yields shot higher after the data showed a significant increase in the US GDP price deflator in Q1. With safe-haven flows dominating the markets, however, XAU/USD reversed its direction and rose above $2,340.
Bitcoin price continues to get rejected from $65K resistance as SEC delays decision on spot BTC ETF options
Bitcoin (BTC) price has markets in disarray, provoking a broader market crash as it slumped to the $62,000 range on Thursday. Meanwhile, reverberations from spot BTC exchange-traded funds (ETFs) continue to influence the market.
US economy: slower growth with stronger inflation
The dollar strengthened, and stocks fell after statistical data from the US. The focus was on the preliminary estimate of GDP for the first quarter. Annualised quarterly growth came in at just 1.6%, down from the 2.5% and 3.4% previously forecast.