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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2/4
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
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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:
Elite Global Trading
Disclaimer
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