Weekly Watch: June 10 to 14, 2013

Now that Game 2 of the NBA Finals is done, it’s time to get back on the trading desk and start the work week! But before I do that, I just wanna give a shoutout to Lebron James, who recovered from a poor start to finish strong and even come up with a highlight block!

If you’re like me and had a poor start to the month, don’t sweat it, homies. All we gotta do is keep plugging away and keep our heads up!

That said, I present to you the latest version of the Weekly Watch!

EUR/JPY

EUR/JPY Hourly Chart

What a turnaround! After breaking past major support at 129.50, EUR/JPY dropped all the way to 126.17 before recovering late on Friday. Now that price is retesting that major area of interest, the question is: will it hold or not? If the bulls gain enough momentum, a test of the top WATR wouldn’t be out of the question. On the flip side, should price fall back down below the weekly open price, we may just seem the pair drop to test the 127.00 and bottom support zone.

  • WO: 129.04
  • Top WATR: 130.77
  • Bottom WATR: 127.31
  • PWH: 132.13
  • PWL: 126.17

GBP/JPY

GBP/JPY Hourly Chart

Guppy pretty much mimicked EUR/JPY price action last week, as it too was able to stage a comeback on Friday. For now, I’d keep an eye on the 153.00 psychological level, as it appears to line up closely with a falling trend line. A break above that level could open the floodgates for the bulls to push price up to the top WATR around 155.00

  • WO: 151.71
  • Top WATR: 155.04
  • Bottom WATR: 151.25
  • PWH: 153.80
  • PWL: 148.20

EUR/GBP

EUR/GBP Hourly Chart

Lower highs and lower lows. Can we expect a repeat performance from EUR/GBP this week? For now, the key level to keep your eyes glued to will be the PWL at .8476. A solid marubozu candle close below that price level would signify that sellers are in control and that we’ll most likely see the pair continue to drop.

  • WO: .8501
  • Top WATR: .8565
  • Bottom WATR: .8437
  • PWH: .8559
  • PWL: .8476

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