First of all we should mention the fact that first two weeks of 2013 happened to be pretty volatile for Forex. Such activity is a little bit strange, because the direction of market has changed within two weeks. First week began with the growth of dollar but current week ended in reverse movement. Let’s look at the current situations and probable development of every given tool.
EURUSD pair, which lowered significantly when 2013 started, grew considerably on 10-th and 11-th of January, due to positivity of Eurozone, and closed higher than previous maximum- 1.3300. Thus, ascending trend has to continue in the same torn manner. A great entry into long positions on EURUSD will be the moment of rebound from 1.3300 support on Monday, if that happens. Next serious resistance of 1.3500, which is slightly higher than maximum of 2012, which makes current resistance very important.
GBPUSD pair did not look strong enough and pound sterling could not even return to its resistance of 1.6300. Currently the pair is between the levels, and it is tough to discuss the forecast of movement. Graphically the return to descending movement to the support of 1.5919 is visible, but if the EURUSD pair keeps growing, GBPUSD pair will not be capable of descending so low.
One of the centers of attention at the end of last year and beginning of this year is USDJPY pair, which keeps recovering actively from the bottom. It is crucial to mention that it is a logical movement, since strong yen is attractive only for American investors and not for Japan and its partners. Thus the pair can keep growing to reach its pre-crisis value. Naturally ascending trend can’t develop without the correction. However, after the renewal of maximum by 84.200 there aren’t any serious levels for the pair up to 95.000, since potent resistance of 88.000 was overcome successfully.
Unlike precious assets, gold didn’t demonstrate any growth in 2013. It is within the limits of levels 1636 and 1677 dollars for a troy ounce, gold departed from the upper border of that level at the end of current week. That’s why trade in limits of this diapason is possible with minimal risks for the bargain and to wait for a powerful break in one of the directions.
We wish you a good and profitable week!Social button for Joomla