Weekly Market Technical Analysis Outlook – July 22nd to July 26th 2013 EURUSD – Euro/dollar remains strong but key resistance close overhead The EURUSD continued gaining ground last week as we can see in the weekly chart below. The market is overall in a range-bound type of condition, oscillating between resistance near 1.3200 and support down at 1.2750. Price is clearly approaching the upper end of that trading range near resistance at 1.3200, and if we get a clear daily chart or 4 hour chart price action sell signal at this resistance, we would consider a short entry, back down toward support. If price closes decisively above 1.3200, we could see a larger push higher. AUDUSD – Aussie/dollar inside pin bar setup The AUDUSD consolidated on Friday and formed an inside pin bar setup in the process. We can see that price rejected higher prices on Friday, forming a bearish pin bar in the process. The daily chart trend is still obviously down overall, and so we could see a break lower from this inside bar setup, in-line with the overall bearish momentum. If that happens, we could see a move down to test 0.9035 – 0.9000 key support before the market moves higher again. A break and close below 0.9000 would open the door for an extension of the current downtrend.
Posted on: Mon, 22 Jul 2013 07:51:40 +0000
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