Weekly Watch: July 8 to 12, 2013

First off, I just wanna say congratulations to Andy Murray for winning this year’s Wimbledon tournament. Not only did he have to overcome the great Novak Djokovic, but he also had to deal with the pressure of trying to become the first British man to win the tournament in 77 years! Talk about clutch!

One thing I’d like to point out about his performance was his absolute TENACITY. It was clear that he really WANTED it. He chased every single ball, regardless of how impossible it seemed. That’s the same mentality we should take when we face the markets. Sometimes it’ll feel like the odds are stacked against us, but as long as we work hard and keep going at it, we can be successful.

Without further ado, here’s my pre-market routine to get us rollin’!

EUR/JPY

EUR/JPY Hourly Chart

Has EUR/JPY finally topped out? Or is a break of 131.00 in the cards? If you’re in the bull camp, you may wanna reload some positions at last week’s low, as this held as a strong support zone. On the flip side, if you’re looking to go short, waiting for a retest of 131.00 may be the way to go.

  • WO: 129.69
  • Top WATR: 131.45
  • Bottom WATR: 127.93
  • PWH: 131.16
  • PWL: 128.59

GBP/JPY

GBP/JPY Hourly Chart

Talk about a steep drop! After making a new high at 153.00, GBP/JPY came crashing down to as low as 149.50 late last week. The question is, who will be in control this time around? I suspect we could see some interest around last week’s lows around 149.50, which also served as interest a couple weeks back.

  • WO: 150.77
  • Top WATR: 152.65
  • Bottom WATR: 148.87
  • PWH: 153.02
  • PWL: 149.48

EUR/GBP

EUR/GBP Hourly Chart

Will the range hold or will it break? EUR/GBP is currently testing the upper resistance level of the range that EUR/GBP has been trading in the past three weeks. A close above the cluster zone at .8550 could signal that this pair is breaking out to the top. On the flip side, if we see a bearish marubozu candle form soon, it may be a sign that the pair is headed back down to support at around .8480.

  • WO: .8602
  • Top WATR: .8660
  • Bottom WATR: .8544
  • PWH: .8632
  • PWL: .8480

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  • Ayman khlifat

    Thanks , looking to test 131.20 this week