Weekly Watch: March 5 to 9, 2012

Another classic Knicks-Celtics battle, World Peace comes back to life, and a ridiculous 57 points by my man Deron Williams! What a crazy NBA Sunday! Now that the weekend’s done, it’s time to get back to work!

It’s starting to look like the pound is regaining its status as a “safe haven” among the European currencies, as it remained pretty resilient last week. Will we see more of the same this week?

EUR/JPY

EUR/JPY Hourly Chart

After sinking at the start of last week, EUR/JPY spent the rest of the time stuck in consolidation, finding major interest at the 108.00 handle. I suspect that this level could serve as a major inflection point for this week as well. I’d also keep an eye out for other psychological handles (such as 107.00 and 109.00) as potential support and resistance levels.

  • WO: 107.92
  • Top WATR: 109.30
  • Bottom WATR: 106.54
  • PWH: 109.94
  • PWL: 107.18

GBP/JPY

GBP/JPY Hourly Chart

What’d I say about that 127.00 area? As I had predicted in my
last Weekly Watch
, the 127.00 handle acted as an area of interest and served as last week’s bottom. I’m considering putting buy orders at that 127.00-127.50 zone if price starts to consolidate there. Another level worth watching is the 130.00 MaPs. Price failed to pierce through it last week but if we see a solid candle close above that level, that could be a solid opportunity to get in on the next wave up.

  • WO: 129.54
  • Top WATR: 130.84
  • Bottom WATR: 128.24
  • PWH: 130.11
  • PWL: 126.74

EUR/GBP

EUR/GBP Hourly Chart

By now, y’all know should know what I’m looking at! I’m talking about the .8400 level of course! I didn’t get triggered last week, but if we see a retracement, you can bet your stash of bunny ears that I’ll be putting in some orders. It even lines up with the top WATR! On the flip side, I’m also paying close attention to how price reacts to previous lows around .8280.

  • WO: .8321
  • Top WATR: .8400
  • Bottom WATR: .8264
  • PWH: .8491
  • PWL: .8315

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  • richard hand

    is there a key anywhere for what the abbreviated terms are under each description?

    • cyclopip

      Yup! All abbreviations can be found in the introduction to my trading framework. Check it out here: link to babypips.com… 

      Hope that helps! Thanks for dropping by!