Another awesome weekend, another couple days full of sporting events!
Golfer Webb Simpson won the U.S. Open after saving par on the 18th hole, while Dale Earnhardt Jr. ended his NASCAR winless streak at 143 (yes, ONE HUNDRED FORTY THREE!) races!
Over in Europe, the Netherlands got booted out of the Group of Death after Portugal's Ronaldo put two goals in the back of the net. Meanwhile, in the NBA Finals, the Heat lead the Thunder two games to one as Lebron is FINALLY coming through in the clutch!
Given all the events that transpired over the past couple of days, could this be an omen that we're in for an action-packed week for the cross-currency pairs as well?
Time to set aside the toys and get to work, baby! Here are the hot levels to keep an eye on for EUR/JPY, GBP/JPY, and EUR/GBP!
For the second week in a row, EUR/JPY has gapped up and opened above the 100.00 psychological level (MaPs). If we see price break below the 100.00 mark, I've got a feeling we could see the pair drop to the previous week low (PWL) and bottom weekly ATR (WATR). Keep in mind that this area held as solid support the past two weeks, so we could see strong buying pressure in this area again.
- WO: 100.04
- Top WATR: 101.44
- Bottom WATR: 98.64
- PWH: 100.92
- PWL: 98.65
Can you say breakout? After ranging for the better part of last week, this pair looks prime for a breakout. Don't be surprised if we see the pair make a run to the top WATR at 105.20. On the flip side though, if price drops below the weekly open (WO), GBP/JPY could fall all the way down to support at the PWL.
- WO: 123.67
- Top WATR: 125.20
- Bottom WATR: 121.86
- PWH: 124.28
- PWL: 122.16
Looks like EUR/GBP has gone back to what it does best - range! Lemme give a shout out to Big Pippin, who pointed out that rising channel forming on the pair. Currently, I'm keeping my eye locked in on that .8050 mark, which lines up with the bottom of the channel. If we see some reversal candlesticks form above that support area, I'd definitely considering loading up on some long orders!
- WO: .8082
- Top WATR: .8138
- Bottom WATR: .8026
- PWH: .8158
- PWL: .8012
- Weekly Watch: June 25 to 29, 2012 01:35 25 June 2012
- Weekly Watch: July 9 to 13, 2012 23:20 08 July 2012
- Weekly Watch: September 24 to 28, 2012 22:58 23 September 2012
- Weekly Watch: September 3 to 7, 2012 00:05 03 September 2012
- Weekly Watch: March 12 to 16, 2012 22:19 11 March 2012