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.
Recommended Content
Editors’ Picks
EUR/USD clings to gains above 1.0750 after US data
EUR/USD manages to hold in positive territory above 1.0750 despite retreating from the fresh multi-week high it set above 1.0800 earlier in the day. The US Dollar struggles to find demand following the weaker-than-expected NFP data.
GBP/USD declines below 1.2550 following NFP-inspired upsurge
GBP/USD struggles to preserve its bullish momentum and trades below 1.2550 in the American session. Earlier in the day, the disappointing April jobs report from the US triggered a USD selloff and allowed the pair to reach multi-week highs above 1.2600.
Gold struggles to hold above $2,300 despite falling US yields
Gold stays on the back foot below $2,300 in the American session on Friday. The benchmark 10-year US Treasury bond yield stays in negative territory below 4.6% after weak US data but the improving risk mood doesn't allow XAU/USD to gain traction.
Bitcoin Weekly Forecast: Should you buy BTC here? Premium
Bitcoin (BTC) price shows signs of a potential reversal but lacks confirmation, which has divided the investor community into two – those who are buying the dips and those who are expecting a further correction.
Week ahead – BoE and RBA decisions headline a calm week
Bank of England meets on Thursday, unlikely to signal rate cuts. Reserve Bank of Australia could maintain a higher-for-longer stance. Elsewhere, Bank of Japan releases summary of opinions.