Weekly Watch: April 1 to 5, 2013

Boy, did that first quarter go by quickly! Don’t look now, but it’s April 1! Looks like we’ve got a jam-packed week heading our way, as I’ll be posting my first quarter trading performance review, as well as my weekly trade post. But before we get to that, we gotta do our weekly pre-market routine!

Here are the hot levels I’ve got my eye on for the first week of the new quarter!

EUR/JPY

EUR/JPY Hourly Chart

Looks like buyers aren’t going to let go of control over the 120.00 handle! EUR/JPY has repeatedly tested this level but the bears just don’t have enough juice to break through. If we do see a solid candle close below that support level, it could open the floodgates for bears to take price down all the way to the bottom DATR and 119.00 MaPs zone.

  • WO: 120.71
  • Top WATR: 122.48
  • Bottom WATR: 118.95
  • PWH: 123.85
  • PWL: 119.74

GBP/JPY

GBP/JPY Hourly Chart

It’s all about consolidation, baby! GBP/JPY is still stuck within its range, trading between 142.00 and 145.00. For now, those are two levels I’d keep an eye on. I suspect we’ll also see some interest at the week open (143.19), as it’s been a point of interest the past couple of weeks as well.

  • WO: 143.19
  • Top WATR: 144.92
  • Bottom WATR: 141.51
  • PWH: 144.77
  • PWL: 141.87

EUR/GBP

EUR/GBP Hourly Chart

Now that EUR/GBP has made new lows, could this be a sign that the bears are in total control? If you’re looking to get in on a retracement, your best bet may be to wait for a retest of the .8501 top WATR. On the flip side, a break below the .8400 could lead to a new significant low.

  • WO: .8433
  • Top WATR: .8501
  • Bottom WATR: .8356
  • PWH: .8563
  • PWL: .8416

Risk Disclosure
2012 Trading Performance Review
Read about my trading framework
Follow me on MeetPips.com
Follow me on Twitter
Like my Facebook page
Join my circle on Google+