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October 13th 2014 Gold has once again managed to find multi-year support at $1180 for two weeks in a row. Meantime EURUSD is finally putting in weekly higher highs and looking around at many markets it feels like the dollar will finally take that breather. Lastly my two week free trial is now down to one week’s free trial to copy my trades.
EURUSD – 1.2790 is last week’s high. My bias is to buy for a swing trade on a one hour close above that level. Conversely a close below 1.2499 would set things up for further downside and toward multi-year support as per the graph in today’s webinar here.
Gold – Multi-year support at $1180 has held firm for two weeks and last week’s candle was a higher high. This sets up the market for a continuation higher and I have been buying gold today. Key resistance is via the weekly descending trend line at $1320.00
USDJPY - Last week’s bearish engulfing candle sets us up for a continuation lower off multi-year highs. However I don’t see it getting too far lower and actually previous resistance at 105.50 now turns support and I would be using this pause in dollar strength to begin buying USDJPY. Ultimately these two central banks are going in opposite directions.
USDRUB – This market is caught up in all sorts of political difficulties however the trend is clearly for a weaker Russian currency. That said we have come a long way and this pair is now technically overbought weekly. While a position trader would look for opportunities to buy into weakness, I myself prefer the swing trade idea of selling this market on a weekly lower low as we come back down through RSI 70 and off the upper Bollinger Band. Last week’s low is 39.27.
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