8/4/2019 FX Weekly - Sep 4 - Sep 10 2011
1/5
The markets enjoyed a strong dollar move up
last week. This current move up is expected to
die out and make another move lower to
finish it's long term bearish decline. We may
have some volatility over the US Holiday for
Monday. We may see some US Dollar strength
to start the week, but do not expect it to
continue, a move down to the lows again is
expected, which will bring risk appetite back
into play for the currency markets. Keep an
eye on some key events this week starting
with RBA Rate Decision on Tuesday early AM,
BOJ has their Rate Decision on Tuesday night,
the CAD has their Rate Decision on
Wednesday, EUR and GBP have theirs onThursday Morning. Should be an interesting
week with all these rate decisions. None are
expected to raise rates, with a much expected
quiet tone across the board. A much expected
busy month of September as most come back
from summer vacations.
Fundamental Outlook
Elite Global
Trading Forex Weekly CommentarySep 4th Sep 10th 2011 Volume 1, Issue 18
In this issue:
GBPUSD: The Pound has a dovish outlookfrom the BOE and does not expect any rate
change this week. As this most current move
down to 1.6132 from 1.6617 unravels we
expect some congestion in the days to come
with a possible rally up towards 1.6330 area
before another move down to test the lows. If
the 1.6100 area holds we expect another test
of highs near 1.6700 and possible a move up
towards 1.7000 area. With the current
outlook looking bleak in the UK we do favor
the downside towards 1.5700 over the month
of September, but can't rule out anther strong
move up, which would coincide with another
bearish move for the US Dollar. We keep both
as possibilities and will adapt as one of the
opportunities unravels itself.
Recommendation : Neutral Bias, looking for arally in this current bearish move towards
1.6330 area. Another move down is likely
before a bottom is found to support a stronger
move up. We like looking at shorting after the
rally finishes, if short term outlook turnsbullish we will look to enter for a move up to
the highs. Support sits at 1.6130, 1.6110,
1.6060, and 1.6000. Resistance stands at
1.6247, 1.6317, 1.6340 and 1.6375.
UK Pound Sterling / United States Dollar
GBPUSD 1
AUDUSD
NZDUSD
EURCHF
2
EURUSD
EURJPY3
GBPJPY
Event Risk4
Contact Info
Disclaimer5
http://eliteglobaltrader.us2.list-manage2.com/subscribe?u=34911f4a519976abf7993efa3&id=c053005e13http://www.eliteglobaltrader.com/http://www.twitter.com/elitepipmakerhttp://www.linkedin.com/company/elite-global-tradinghttp://www.facebook.com/eliteglobaltrading8/4/2019 FX Weekly - Sep 4 - Sep 10 2011
2/5
Elite Global
Trading
Sep 4th Sep 10th 2011 Volume 1, Issue 18
AUDUSD: The most recent move up towards1.0765 has been a three wave rally, we are ina pullback from this move up, we look for the
pullback to find support around 1.0600 -
1.0540 area before the move up continues to
find a top, which is expected around 1.0780-
1.0800.
Recommendation: Bullish Bias, a pullback isexpected to start the week off finding support
between 1.0600-1.0540 area. Once support
holds and is confirmed we do see this pairmaking another move up to find a top. Careful
on playing the pullback in the longer move up,
keep an eye on support levels.
Australian Dollar / United States Dollar
EURCHF: All the CHF pairs are looking verysimilar. The past week we have had a massive
drop from the tops looking at a 900 pip drop
in the EURCHF last week, currently trading
200 pips up from last weeks low. The move
down from the high does not look fully over
yet, we do expect a rally to some higher
resistance levels before another move down
to some lower levels. The longer term look is
for a move to go break most recent highs, but
before that we do expect another bottom
lower to be formed over the following weeks.
Resistance is at 1.1233, 1.1315, 1.1371 and
1.1486. Support sits at 1.1165, 1.1060,
1.1000, 1.0900 and stronger support at
1.0794.
Recommendation: Bearish Bias, with the SNBhaving the possibility of intervening at any
point it is always a risk that needs to
evaluated when trading the CHF pairs. We
most likely will see a further move up towards
resistance before another drop, you can play
this rally or wait for a confirmed lower top to
go short. If you do play this rally use support
levels mentioned to place stops below and
keep your awareness high of the resistance
points.
Euro / Swiss Franc
NZDUSD: The outlook for this pair looks verysimilar to the AUDUSD. The pair looks to
make a pullback down towards .8400-.8340
area. Another move up towards .8600-.8650
is expected over the weeks to come before
another move down to the lows of .7900
level.
Recommendation: Bullish Bias, look for thepullback to finish around .8400 area and look
for a long play back up to .8600 area before a
much larger move down occurs.
New Zealand Dollar (Kiwi) / United States Dollar
http://eliteglobaltrader.us2.list-manage2.com/subscribe?u=34911f4a519976abf7993efa3&id=c053005e13http://www.eliteglobaltrader.com/http://www.twitter.com/elitepipmakerhttp://www.linkedin.com/company/elite-global-tradinghttp://www.facebook.com/eliteglobaltrading8/4/2019 FX Weekly - Sep 4 - Sep 10 2011
3/5
Elite Global
Trading
Sep 4th Sep 10th 2011 Volume 1, Issue 18
EURJPY: This pair has stayed with it's longerterm bearish outlook and trades near lows of
last month. We do see this pair accelerating
it's downward move to retest the 108.00 level
and a look to further lows near 106.00 area.
Recommendation: Bearish Bias, look for arally to enter on the bearish side below
112.00, above 112.80 look for this pair to
make moves higher. Support sits at 108.50
108.00, 107.60 and 107.00. Resistance
points to watch for, 109.50 109.90, 110.44
and 111.00.
Euro / Japanese Yen
EURUSD: This pair continues to trade withinthe triangle that has been unfolding since
May. This range has been in connection of
both the US and Euro zone state of affairs and
crisis' that has been dealt with over the past
several months, with continued uncertainty of
a possible recession and debt crisis, the pair
looks to continue to trade with-in this range
for sometime moving forward. A break out
below 1.3840 or above 1.4550 cannot be
ruled out, but will most likely happen along
with a strong fundamental move in either US
or Euro zone. In the meantime respect thelevels of support and resistance in this range
while trading this pair, we look for further
losses in this pair moving down towards
support of 1.4150-1.4050. With these levels
holding we will look for another move up
towards resistance levels of 1.4315-50,
1.4440 area.
Recommendation: Neutral Bias, Look forfurther downward movement over the next
few days while the pair finds support. A move
down to 1.4150, 1.4109 and 1.4050 is
expected, pair should find support in these
areas. Resistance on upside resides at
1.4277, 1.4350, 1.4380, 1.4440. The pair
will be looking for a bottom, with a desired
move back to highs in the days to come. A
break and close below 1.3950 will give
suspect to another move up and will build a
case to a stronger move down towards the
mid 1.3000's.
Euro / United States Dollar
http://eliteglobaltrader.us2.list-manage2.com/subscribe?u=34911f4a519976abf7993efa3&id=c053005e13http://www.eliteglobaltrader.com/http://www.twitter.com/elitepipmakerhttp://www.linkedin.com/company/elite-global-tradinghttp://www.facebook.com/eliteglobaltrading8/4/2019 FX Weekly - Sep 4 - Sep 10 2011
4/5
Elite Global
Trading
Sep 4th Sep 10th 2011 Volume 1, Issue 18
Monday:GBP: Services PMI 4:30am
EUR: Retail Sales 5am
GBP: Retail Sales 7:01pm
AUD: Home Loans 9:30pm
AUD: Current Account 9:30pm
Tuesday:AUD: RBA Rate Statement 12:30am
CHF: CPI 3:15am
EUR: German Factory Orders 6am
USD: ISM Non-Manufacturing PMI10am
AUD: GDP 9:30am
JPY: Monetary Policy Statement
Wednesday:GBP: Manufacturing Production 4:30am
EUR: German Industrial Production 6am
CAD: BOC Rate Statement 9am
CAD: Ivey PMI 10am
USD: Beige Book 2pm
AUD: Employment Change 9:30pm
AUD: Unemployment Rate 9:30pm
Thursday:GBP: MPC Rate Statement 7am
EUR: Min Bid Rate 7:45am
EUR: ECB Press Conference 8:30am
USD: Trade Balance 8:30am
USD: Unemployment Claims 8:30am
CNY: CPI 10pm
Friday:GBP: PPI 4:30am
GBP: Trade Balance 4:30am
CAD: Employment Change 7am
CAD: Unemployment Rate 7am
CAD: Housing Starts 8:15am
Weeks Event Risk
GBPJPY: This pair is very similar to the EURJPYand looks to make further declines over theweek to come. A rally up towards 125.50-
126.00 is very likely to start the week off. The
decline towards 123.28 last months low is
very likely in the days to come, a break of this
level we look to see further declines to
122.00 and further down to 2009 lows of
118.75.
Recommendation : Bearish Bias, looking forshorts after the rally near 126.00.
UK Pound Sterling / Japanese Yen
http://eliteglobaltrader.us2.list-manage2.com/subscribe?u=34911f4a519976abf7993efa3&id=c053005e13http://www.eliteglobaltrader.com/http://www.twitter.com/elitepipmakerhttp://www.linkedin.com/company/elite-global-tradinghttp://www.facebook.com/eliteglobaltrading8/4/2019 FX Weekly - Sep 4 - Sep 10 2011
5/5
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 [email protected]
James [email protected]
Tel: 786-759-0348
E-mail:
Elite Global Trading
Disclaimer
The Premier Algorithmic Trading Technology Firm
Elite GlobalTrading
Follow the latest company and market information
at the links below:
www.eliteglobaltrader.comWww.Twitter.com/elitepipmakerWww.Facebook.com/eliteglobaltradingWww.linkedin.com/company/elite-global-trading
http://www.eliteglobaltrader.com/http://www.eliteglobaltrader.com/http://www.twitter.com/elitepipmakerhttp://www.twitter.com/elitepipmakerhttp://www.facebook.com/eliteglobaltradinghttp://www.facebook.com/eliteglobaltradinghttp://www.linkedin.com/company/elite-global-tradinghttp://www.linkedin.com/company/elite-global-tradinghttp://eliteglobaltrader.us2.list-manage2.com/subscribe?u=34911f4a519976abf7993efa3&id=c053005e13http://www.eliteglobaltrader.com/http://www.linkedin.com/pub/anthony-rousseau/31/465/557http://www.linkedin.com/in/jamesputrahttp://www.twitter.com/elitepipmakerhttp://www.linkedin.com/company/elite-global-tradinghttp://www.facebook.com/eliteglobaltradinghttp://www.linkedin.com/company/elite-global-tradinghttp://www.facebook.com/eliteglobaltradinghttp://www.twitter.com/elitepipmakerhttp://www.eliteglobaltrader.com/Top Related