FX Weekly July 10 - 16 2011 Elite Global Trading

8/6/2019 FX Weekly July 10 - 16 2011 Elite Global Trading

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GBPUSD: Has continued to trade at this yearslows. Short side has been capped at 1.5910

and upside has been capped at 1.6260 forthe past 3 weeks. The big event this week for

the GBP is CPI on Tuesday. As the BOE moves

through another meeting standing still on

Interest Rates, the GBP has no clear direction.

The only consistency in this pair is it's

weakness. We look to short on rallies.

Recommendation: Look for a possible rally uptowards 1.6188- 1.6230 this week. We still

favor the short side. Look for shorts after rally,careful of long plays. We remain Bearish Bias.

EURJPY: Was capped last week at 117.74 onthe upside and 114.50 on the downside. The

pair has been trading in this range for severalweeks now. Look for any weakness to be

capped at 113.50, a break of that will move

towards 112.00 and start the bearish move to

lower lows. We still see this pair remaining in

this range for a few more weeks and expect a

breakout to the upside. Watch for EU news

that could dampen that outlook. Also watch

for the news out of Japan on most recent

earthquake.

Recommendation: Play swings within currentrange and prepare for a breakout play beyond

these current levels of 113.50 and 117.80.

We are Neutral.

Euro / Japanese Yen

UK Pound Sterling / United States Dollar

Elite Global

Trading Forex Weekly CommentaryJuly 10th July 16th 2011 Volume 1, Issue 11

In this issue:

EURJPY

GBPUSD1

EURUSD

AUDUSD

GBPJPY

NZDUSD

2

Event Risk 3

Contact Info

Disclaimer4
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EURUSD: Continues to trade inside the trianglepattern, as prices closes in on the apex a breakoutin either direction is highly probably. The pair

traded down last week after the ECB raised

interest rates. With EU debt risks the uncertainty

rises with the unknown of EU nations possibly

falling into default status.

Recommendation: The pair is currently trading at1.4260 close the bottom of the triangle patternnear 1.4160 a rally up towards the top of the

triangle is expected, near 1.4500. EU event risk

will drive this pair in either direction for a breakout

play so be ready. In the meantime look for a long

play back up to top of triangle, buy on dip close to

1.4160, tight risk. We are Neutral

Euro / US DollarElite GlobalTradingJuly 10th July 16th 2011 Volume 1, Issue 11

AUDUSD: Has been trading near highs of themonth and looks to possible break higher. We may

need some event risk to push higher. Current

resistance 1.0789 a break of this will confirm

bullish bias up towards 1.1000.

Recommendation: Breakout play above 1.0789

first target 1.0890 second target 1.100. Careful of

this being a confirmed top and if so look for a

reversal play down towards 1.0650-1.0400. We

remain Bullish Bias.

Australian Dollar / United States Dollar

GBPJPY: Has recently come off of the low of128.00 and has been in a sideways choppy

range between 128.50-130.85. With current

weakness of the GBP, this pair continues to

trade near lows and looks to break lower

towards 126.00 levels over the weeks ahead.

Recommendation: Look for shorts afterrallies. We are Neutral in this pair. Current

support 129.00 128.64 128.00 and

resistance 130.33 130.80

UK Pound Sterling / Japanese Yen

NZDUSD: Has traveled to it's highs last weekbreaking higher to .8380. This pair is looking

to hit top of trend line near .8450. Support for

this pair is .8235-8180.

Recommendation: Bullish bias, look to buy on

dips and be cautious of topping around .8450

-.8500

New Zealand Dollar (Kiwi) / United States Dollar


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Elite Global

Trading

July 10th July 16th 2011 Volume 1, Issue 11

Monday:JPY: Monetary Policy Statement

Tuesday:GBP: CPI 4:30am

USD: Trade Balance 8:30am

USD: FOMC Meeting Min 2pm

CNY: GDP 10pm

Wednesday:GBP: Claimant Count Change 4:30am

USD: FED Chairman Bernanke Testifies

NZD: GDP 6:45pm

Thursday:EUR: CPI 5am

USD: Core Retail Sales 8:30am

USD: PPI 8:30am

USD: FED Chairman Bernanke Testifies

Friday:USD: Core CPI

USD: Preliminary UoM Consumer

Confidence 9:55am

EUR: Bank Stress Tests

Weeks Event Risk


4/4

Any reliance you place onsuch information is thereforestrictly at your own risk.

In no event will we be liable for any

loss or damage including without

limitation, indirect or consequential

loss or damage, or any loss or

damage whatsoever arising from

loss of data or profits arising out of,

or in connection with, the use of this

newsletter.

The information contained in this

newsletter is for general information

purposes only. The information is

provided by Elite Global Trading and

while we endeavor to keep the

information up to date and correct,

we make no representations or

warranties of any kind, express or

implied, about the completeness,

accuracy, reliability, suitability or

availability with respect to the

newsletter or the information,

products, services, or related

graphics contained on the

newsletter for any purpose.

News letter Authors:

Anthony Rousseau :[email protected]

James [email protected]

Tel: 786-759-0348E-mail:

[email protected]

Elite Global Trading

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FX Weekly July 10 - 16 2011 Elite Global Trading

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