Weekly Watch: April 15 to 19, 2013

First up, I just wanna give a shout out to Kobe Bryant. Seeing him have to go through an injury like that this late in his career is disheartening. But if there’s anyone who has the passion and determination to make a comeback, it’s the Black Mamba!

It’s his dedication to preparation and his work ethic that makes him one of basketball’s greatest superstars. As traders, I think we can all look at Kobe as a source of inspiration and as an example of someone who maximized his abilities by sheer hard work.

For trading, part of the hard work includes having a pre-market routine to get us prepared for the upcoming trading week and that’s exactly what I’ve got going on with my Weekly Watch. Hopefully, all of you have also developed a similar pre-market routine and it is serving you well!

EUR/JPY

EUR/JPY Hourly Chart

It looks like EUR/JPY is sinking lower to start the week! Could this be an opportunity to hop on the overall uptrend? If you’re in the bull camp, keep an eye for the PWL / bottom WATR/ 127.00 psychological level as a key potential support level. On the flip side, if you’re looking to go short, the 129.00 level could provide some resistance in the event of a retest.

  • WO: 128.78
  • Top WATR: 130.71
  • Bottom WATR: 126.84
  • PWH: 131.14
  • PWL: 126.96

GBP/JPY

GBP/JPY Hourly Chart

Talk about a fall from grace! After topping out at 153.88 last week, GBP/JPY is currently trading at 150.00. The question is, will the PWL hold? If you’re thinking that the bearishness will continue, you may want to consider going short on a retest of the weekly open price at 150.70. On the other hand, if you want to buy, you may want to wait for a test of the bottom WATR (148.74) before loading up on a buy position.

  • WO: 150.70/li>

  • Top WATR: 152.02
  • Bottom WATR: 148.74
  • PWH: 153.88
  • PWL: 150.00

EUR/GBP

EUR/GBP Hourly Chart

Not much happening on EUR/GBP, as price action has been quite choppy. If you look back over the past two weeks though, it does seem that the pair is channeling higher. That said, don’t be surprised if we (finally!) see a retest of the .8600 handle sometime this week.

  • WO: .8545/li>

  • Top WATR: .8614
  • Bottom WATR: .8476
  • PWH: .8560
  • PWL: .8464

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