FX Weekly Commentary July 3-9 2011

8/6/2019 FX Weekly Commentary July 3-9 2011

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GBPUSD: Has made a weak rebound off therecent lows of 1.5910 up towards 1.6115, as the

BOE continues with no immediate direction but astandstill on rates, the GBP is comparable to a

falling leaf that is make moves based off it's

counter currency. We look to see another Rate

statement with no commentary this week,

providing only a bleak outlook for the GBP, we see

the GBPUSD making another rally up to start the

week with topping around 1.6150, we look to

short on the rally.

Recommendation: Look for short plays after therallies. Immediate resistance is 1.6095 1.6150

1.6190. We have targets on downside by 1.5986,1.5912, 1.5880 1.5810

EURJPYHas made a strong move up last week togive a bullish bias breaking out of descending

wedge, we look for another bullish week. WithGreece receiving another bailout and Hawkish

outlook by ECB, possible rate hike, we may see

EURO for short term continue bullish activity, we

may see a start to this week with some

consolidation after last weeks move up from

113.80. A pullback to 116.20-115.80 is possible

before we see another break higher.

Recommendation: Look for entries on the pullbackto the long side. Near term support for those

entries are 116.63, 116.10, 115.70, we are

targeting 119.44 120.00. Bullish Bias

Euro / Japanese Yen

UK Pound Sterling / United States Dollar

Elite Global

Trading Forex Weekly CommentaryJuly 3rd July 9 2011 Volume 1, Issue 11

In this issue:

EURJPY

GBPUSD1

EURUSD

AUDUSD

GBPAUD

NZDUSD

2

GBPCHF

Event Risk3
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2/4

EURUSD: Has made a stellar move up towards abullish bias region. We have had a strong pushlast week going into the Greek vote. The week

ahead is poised for some consolidation and a

possible move up towards 1.4600-1.4700. With

the ECB looking for a possible rate hike we could

see more bullish activity this week.

Recommendation: Look for pullback prior to goinglong, look for entry near support levels of 1.4450,

1.4384. Targets of 1.4650-1.4700.

1.1010 in the near future.

Euro / US DollarElite GlobalTradingJuly 3rd July 9 2011 Volume 1, Issue 11

AUDUSD: Has made a tremendous move uptowards 1.0775, the may high. Look for a pullback

near 1.0700, a break up to 1.0870 is the next

stopping zone. With RBA having their rate

statement this week, Australia has a strong

economy and continues to strengthen as the year

goes forward look for a possible move back up to

1.1010 in the near future.

Recommendation: Bullish Bias, look to buy on dipsnear support. Targeting 1.0870-1.1010.

Australian Dollar / United States Dollar

GBPAUD: Is a exotic pair that has a great potentialwith the AUD gaining strength and the GBP losing

ground on value. Economists see this pair near

1.4000 in the weeks to come. Look to short this

pair after the rally.

Recommendation: Bearish Bias, look for

resistance on the rally at 1.4980, 1.5012,

1.5042. Look for targets at 1.4800-1.4600

UK Pound Sterling / Australian Dollar

GBPJPY: Has recently bounced off the low of Juneof 128.00. We look to see this pair make some

gains towards 132.00 before you see another

slide down near 125.00.

Recommendation: is Neutral look for short termplays on the swings of this pair, look for a move up

to 132.00 this week and then another slide down.

Keep tight risk with this pair.

UK Pound Sterling / Japanese Yen

NZDUSD: Has made another all time high at .8315last week. With the New Zealand economy strong,

this pair continues to drive higher. Possible move

to .8400 in short term.

Recommendation: Look for long plays afterpullback at .8190-.8130. The NZD is way over

bought and will be toppling soon, keep eye on

reversal to some new lows beyond .7700. In the

short term look for long plays to new highs.

New Zealand Dollar (Kiwi) / United States Dollar


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GBPCHF: The Swiss Franc lost some ground lastweek, shooting this pair up 300+ pips from it's all

time low. With GBP on a slippery slope down, look

for some swings on this pair. The CHF is due for

some more losses in the weeks to come, with that

said this pair should give some wide range swing

plays, with the overall trend still bearish.

Recommendation: Longterm play is still bearish,but look for some great swing plays, using channel

lines and support and resistance.

Recommendation: Neutral, Look for swing playswithin it's downward

UK Pound Sterling / Swiss FrancElite GlobalTradingJuly 3rd July 9 2011 Volume 1, Issue 11

Monday:GBP: Construction PMI 4:30am

NZD: Business Confidence 6pm

AUD: Trade Balance 9:30pm

Tuesday:AUD: RBA Rate Statement 12:30am

GBP: Services PMI 4:30am

EUR: Retail Sales 5am

NZD: GDP 6:45pm

Wednesday:USD: ISM Non Manufacturing PMI 10am

AUD: Employment Change 9:30pm

Thursday:GBP: Manufacturing Productions 4:30am

GBP: Official Bank Rate 7am

EUR: Min Bid Rate 7:45am

EUR: ECB Press Conference 8:30am

USD: Unemployment Claims 8:30am

Friday:GBP: PPI Output 4:30am

USD: Non Farm Employment Change 8:30am

USD: Unemployment Rate 8:30am

Weeks Event Risk


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James [email protected]

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FX Weekly Commentary July 3-9 2011

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Transcript of FX Weekly Commentary July 3-9 2011