AUDUSD Support-Resistance Levels For Next Week

AUDUSD H4

The price is still confined in 1.06-1.01 range. And in between them there are couple of support-resistance levels to watch for. 

Currently price is pulling back from support-turned-resistance area around 1.0335. Above this lies another resistance at 1.0370/75. 

I will be watching these level next week closely for any potential trade setup.

EURUSD Support-Resistance Levels

EURUSD H4

Currently price is hitting channel's lower trendline. Just above that lies a big resistance level. 

A good momentum is required to break the resistance level. Price action was unable to it on several previous occasions. 

I will be watching this area next week closely for any potential trade setups.

GBPUSD Trendline And Support-Resistance Levels

GBPUSD Hourly

GBPUSD price action is well respecting this trendline. First it started with support and when broken it turned into resistance, which when broken upside, turned support again. 

Currently it is acting as resistance on any spike. Now the price is between the trendline and support area. 
On any dips, I am expecting the support to hold and to push prices higher. 

EURUSD Channel Holding Up

EURUSD Hourly

Yesterday's rally after ECB meeting stalled right at the channel's upper trendline. 

A break above the channel will push the pair higher and mean that a short term bottom at 1.2750 is in place. 

GOLD breaking short term triangle

GOLD M15

Gold broke the short term triangle. 

Looks like a bottom in place. 

For bigger picture and my trade plan, see post.

Next resistance comes at 1560. 

AUDUSD Support Level

AUDUSD H4

AUDUSD at major support level and looks like pair is bouncing from it. 

A clear break and close below will send the pair lower. 

EURUSD Major Resistance

EURUSD Hourly

Currently at major resistance. So far this resistance has capped any rallies. 

A break of it indicates that a bottom is in place and should send pair higher. 

Next resistance comes in form of channel. 

Another way of looking at chart is the hourly channel that is forming up and a bounce from them support at 1.2750. Chart below:

EURUSD Hourly

Who the Gold Bugs are

So now we know who the Gold bugs are. CNBC has reveled to the whole world this mysterious species. 

• Those with underwater homes

• With high school education or less

• With under $50K invested

• Tea party supporters

What a fantastic job CNBC has done. Bravo

More from BusinessInsider [here].

USDJPY Triangle

USDJPY triangle am watching A break on either side brings a trade opportunity. 

USDJPY Hourly

EURJPY Trendline

EURJPY Hourly

Face of Australian Employement

It doesn't look good overall. 

Mining-Australia reports that for recent open positions near Cairns & Brisbane, BMA received 8000 applications for just 250 jobs and 10000 applications for just 800 jobs. 

Complete report from Mining-Australia [here].

Intrade shuts down Completely

Fellow traders using intrade might see this message on their website.

With sincere regret we must inform you that due to circumstances recently discovered we must immediately cease trading activity on www.intrade.com.

The move comes three months after the US Commodity Futures Trading Commission sued to stop the company from offering prediction contracts to Americans, who were the most active users of the site. Intrade made no mention of that case in its notice.

Its reported that company has closed all open positions at fair value.

Further reading from FT [here]

GOLD Trendline Am Watching

Plan to go long on touch of this trendline.

GOLD Hourly

EURJPY Channel

EURJPY channel am watching.

Price is pulling back, but should be cautious if shorting this EUR rally post news.

EURJPY

India's Record Export to Impact Wheat Prices

India plans to put record volume of wheat in global markets to cut its massive stocks. And this could mean a lot to Wheat prices on global scale. 

"Wheat exports are a priority issue as the new harvest is about to begin later in the month," said the farm ministry official, who declined to be named as he was not authorized to speak to the media.

It could decide to allow another five million tonnes of wheat exports as early as Thursday, government sources have said -- more than doubling the sales already approved to about 9.5 million tonnes.

India has a golden opportunity, at least for the next few months, before exports from Australia, US, China comes to global markets.

More from Reuters[here]  
 

Credit Suisse sees EUR/USD rebound

The euro will likely trade in a narrow range for the next month or so then climb, according to analysts at Credit Suisse. They forecast EUR/USD at 1.33 in three months and 1.40 at year end.

There is lots of bearish GBP talk, including from CS and Bill Gross.

Source [forexlive]

EURUSD Daily Channel

EURUSD Daily channel am watching.

A break means more low coming..

EURUSD Daily

European Equity Close

European equity market close for 06-Mar-13

• UK FTSE   down 0.2%
• DAX             up 0.6%
• ItalyFTSE MIB down 0.2%
• CAC              down 0.5%
• Spain’s IBEX down 0.8%

GOLD Daily Triangle Big Picture

GOLD Daily

Gold is carving out a triangle on daily charts. 

Upper trendline is in place since first week of September-2011 while lower trendline is in place since mid of May-2012. Since then price is consolidating in this triangle.

A break of this triangle, brings focus to resistance & support area. A break above exposes resistance area around 1800. This area has restrained price moves since November-2011 and has been tested 3 times. A break lower of the triangle exposes support area 1525/30. This area has supported price since September-2011 and has been tested around 3-4 times.

USDJPY Time To Buy ??

The Japanese Yen has been the worst performing major currency in the past 4 months. Looks like that its downtrend is clear. 

Speculators has been quick to jump on sudden Yen downtrend. CFTC COT report hows that large speculators are now their most net short JPY ( means long USDJPY ) since 2007 when the USDJPY traded near 115.

Options data shows that traders are at their most relatively bullish USDJPY since 2004, their now exists a premium for aggressive bets on/hedges against USDJPY strength for only the second time on record.