Weekly Watch: July 1 to 5, 2013

Ahh… Don’t you just love fresh starts? I sure do! Last quarter wasn’t my best, which is why I’m really looking forward to working with a clean slate this quarter.

Later this week, I’ll be publishing my quarter-end review. But for now, I must focus on the week ahead and conduct my pre-market routine. Remember, folks: like bad habits, good habits are also hard to break, so y’all should also make it a part of your regular routine to conduct your market analysis even before you begin trading.

Without further ado, here are this week’s charts on EUR/JPY, GBP/JPY, and EUR/GBP:

EUR/JPY

EUR/JPY Hourly Chart

We saw a few major reversals on EUR/JPY the past couple of weeks, and two of them occurred just below the 130.00 handle. With that said, I’ll be watching the area of the PWH closely for another potential reversal. As for potential support areas, I think we could catch a possible retracement around 128.00 or near the bottom WATR.

  • WO: 129.22
  • Top WATR: 131.03
  • Bottom WATR: 127.41
  • PWH: 129.66
  • PWL: 126.57

GBP/JPY

GBP/JPY Hourly Chart

Breeeeak out! With GBP/JPY finally busting out of the falling channel that Big Pippin pointed out in today’s Chart Art, the road looks clear for further gains for the pair. However, I would look for a bit of resistance around the PWH or the 130.00 major psychological handle. I’ll also be watching the 151.00 level closely because if price breaks below this handle, it could send the market back down to its former lows. Should that be the case, 150.00 could act as support.

  • WO: 150.96
  • Top WATR: 152.88
  • Bottom WATR: 149.05
  • PWH: 151.75
  • PWL: 149.05

EUR/GBP

EUR/GBP Hourly Chart

The area of .8600 remains a must-watch level on EUR/GBP since it still hasn’t been broken. Down below, I’d look for interest near the bottom WATR or .8500 handle, or perhaps around .8480, which corresponds with the bottom of the pair’s range.

  • WO: .8559
  • Top WATR: .8615
  • Bottom WATR: .8503
  • PWH: .8592
  • PWL: .8468

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