Weekly Outlook – 14th May 2012

May 14, 2012

General Commentary

Greece’s Fate in the Balance

Last week’s currency trading review

The EUR/USD is dominating the currency market and the headlines lately with political deadlock in Greece and a new push from the left to spend more money and focus on Growth rather than debt. The Greece political talks post elections are still continuing and as of writing no breakthrough seems likely. If Greece is set to leave the Eurozone than the potential contagion risk will pressure the EUR/USD and global stocks until a clear result is seen.

EUR/USD was down -1.26% currently at 1.2918, after opening the week at 1.3081.

USD/JPY was up flat currently at 79.92, after opening at 79.86.

GBP/USD is down -0.55% currently at 1.6066 after opening at 1.6154

AUD/USD is down -1.57% currently at 1.0018 after opening at 1.0175.

This Week’s Trading Preview

Trend of the Week:-


14/05/2012 01:09

1 week Trend: (=)

1 month Trend: (=)

EUR/USD intraday: capped by a negative trend line.

Pivot: 1.2925

Our preference: Short positions below 1.2925 with targets @ 1.2875 & 1.286 in extension.

Alternative scenario: Above 1.2925 look for further upside with 1.2955 & 1.298 as targets.

Comment: the pair remains capped by a declining trend line and should face a weakness.

Key levels
1.2894 last

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