Weekly Watch: May 27 to 31, 2013

It’s the last trading week of the month fellas, so we can’t get complacent and lazy! It’s weeks like this where some traders lose focus and make simple trading mistakes. Thankfully, while we can’t always be perfect, we can help avoid making such mistakes by having a pre-market routine.

That said, I present to you my Weekly Watch!

EUR/JPY

EUR/JPY Hourly Chart

Talk about a fake break! After breaking through for new highs, EUR/JPY came crashing down mid-week before finding support at 130.00. I’ll be keeping an eye on this key psychological level, as I feel it will once again be the focus for many traders this week. Up top, the top WATR lines up with the weekly high from two weeks back, so we may just see some selling pressure emerge there as well.

  • WO: 130.97
  • PWH: 133.80
  • PWL: 129.97
  • Top WATR: 132.74
  • Bottom WATR: 129.21

GBP/JPY

GBP/JPY Hourly Chart

In my opinion, I think there are two hot spots to watch out for on Guppy this week. For the bears, the 155.00 / top WATR confluence zone is what you should keep tabs on, as it also served as a major support zone in the past. For the bulls, you might wanna wait for price to test 152.00. If you see some reversal candlesticks form at that level, you know what to do!

  • WO: 153.13
  • PWH: 156.56
  • PWL: 151.79
  • Top WATR: 155.04
  • Bottom WATR: 151.25

EUR/GBP

EUR/GBP Hourly Chart

Can you spell double top? Price is currently chillin’ around the weekly open price, which you could argue is serving as the neckline of the double top. Look out for a solid bearish marubozu candle close below this level as a sign that the bears have gained momentum. On the other hand, if you’re looking for a way to buy, make sure you bookmark that .8500 handle, as it could turn out to be a resistance-turned-support level.

  • WO: .8543
  • PWH: .8598
  • PWL: .8440
  • Top WATR: .8607
  • Bottom WATR: .8479

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