Weekly Watch: August 6 to 10, 2012

How about a shoutout to Michael Phelps, Usain Bolt, and Andy Murray!

Phelps bagged his 18th gold medal and will be walking away from his Olympic career with a total of 22 medals. I don’t think we’ll see anyone else catch up to him any time soon!

Speaking of catching up, was there any doubt that Usain Bolt would come away with gold on the 100 meter sprint?

And what about Andy Murray? After his emotional loss to Roger Federer last month in Wimbledon, Murray bounced back to trounce his nemesis and become the first British man to win a tennis gold in 104 years!

Way to go, fellas!

Hopefully, with the help of this version of the Weekly Watch, we’ll all be winners in the forex market this week as well! Without further ado, here are the charts on EUR/JPY, GBP/JPY, and EUR/GBP!

EUR/JPY

EUR/JPY Hourly Chart

After that crazy rally last Friday, EUR/JPY now seems to be finding resistance around the 97.50 MiPs. If you think the bullish run will continue, throw up the Fibonacci tool and notice how the 61.8% Fib lines up nicely with the 96.00 MaPs and is just above the bottom WATR. On the flip side, we could see some resistance at the top WATR, as it is also close to the 98.50 MiPs.

  • WO: 97.19
  • Top WATR: 98.48
  • Bottom WATR: 95.90
  • PWH: 97.41
  • PWL: 94.93

GBP/JPY

GBP/JPY Hourly Chart

This pair has been consolidating lately, finding solid support around the 121.00 MaPs / PWL/ bottom WATR cluster zone. Up north, we could see some tough resistance around 123.50, as this intersects with a resilient falling trend line. Playing bounces off these areas could prove profitable. On the other hand, a break of 124.00 could signal a stronger move higher for the pair.

  • WO: 122.49
  • Top WATR: 123.80
  • Bottom WATR: 121.18
  • PWH: 123.63
  • PWL: 121.09

EUR/GBP

EUR/GBP Hourly Chart

EUR/GBP seems to be on a short-term uptrend, as it has posted higher highs and lows the past couple of weeks. If you’re the type who likes hopping on trends, make sure you keep an eye on the .7900 MaPs, as it might prove to be a solid resistance-turned-support area. Alternatively, you could also wait for a test of the .7850 MiPs for a more conservative buy entry.

  • WO: .7933
  • Top WATR: .7988
  • Bottom WATR: .7878
  • PWH: .7924
  • PWL: .7790

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