FX Weekly Commentary - May 15 2011

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Weekly
WeeklyFX
FXCommentary
Commentary
Web: www.eliteglobaltrader.com
Authors: Anthony Rousseau & James Putra
May 15th 2011 – May 21st 2011
Trader Insight: Risk controlled attributes Event Risk of the Week:

** All times in (UTC-05:00) Eastern Time (US & Canada)
Trading is a high risk business, knowing when to increase and decrease risk is critical for your success. It
is important for traders to have well balanced outlook, know when to add more to winning trades, and Monday:
take risk in calculated ways. People who are willing to take measured risks in their lives, not over- • USD: TIC Long-Term Purchases
cautious, and are not such perfectionists that they cannot pull the trigger, are more likely to succeed as a 9:00am
trader. The great thing about trading is that all the right attributes can be learned with the right attitude. • AUD: Monetary Policy Meeting
Minutes 9:30pm
Successful traders know how to:
• Control downside risk
Tuesday:
• Manage draw-downs
• GBP: CPI 4:30am
• Control emotions when up or down
• EUR: German ZEW Economic
• Grow a position in high-conviction ideas Sentiment 5:00am
• Know when to cut a loser • USD: Building Permits 8:30am
• Plans their trading and trade their plan • NZD: PPI Input 6:45pm
Traders all have different personalities and it is critical each person identifies who they are and how to
control their emotions as a risk taker. Looking on the inside is most important exercise for everyone, this Wednesday:
will heighten your awareness to all your decisions. • GBP: MPC Meeting Minutes 4:30am
• USD: Monetary Policy Meeting
Trade of the week:
Good Luck Traders!
Minutes 2:00pm
Looking at a sharper decline in the NZDUSD this week. • NZD: Annual Budget Release
The Kiwi holding it's rates and USD strength starting to
gain with a potential of rate hike. We are short looking Thursday:
for a continued move down to support levels. • GBP: Retail Sales 4:30am
• USD: Existing Home Sales 10:00am
Support: .7839, .7759, .7651, .7617, .7498 • USD: Philly Fed Manufacturing Index
Resistance: .7889, .7939, .8013 10:00am
• JPY: Monetary Policy Statement
We have our objective points at .7750, .7660, .7500.
This is a trade to be patient with.
FX & Commodity Market Focus and Technical Analysis

Currency/Commodity Market Focus Short Term 0-3 Mth Support Resistance
Comment Forecast
EUR/USD • EUR/USD hit 1.4065 on Friday, the pair’s lowest since April 1; the pair subsequently consolidated at 1.4115 by close Strong 1.4500 1.3979 1.4422
of trade, tumbling 1.71% over the week. Bearish
• Looking ahead, investors will be closely watching developments in the euro zone, with the single currency likely to
remain under pressure until the conclusion of Monday’s meeting.
USD/JPY • USD/JPY hit 81.33 on Thursday, the pair’s highest since May 2; the pair subsequently consolidated at 80.75 by Bearish 83.00 80.04 81.33
close of trade on Friday, easing up just 0.18% over the week.
• Investors will be looking for Japan to release data on Q1 GDP followed by the BOJ Monetary policy statement
release Thursday while looking for the US housing data and US monetary policy meeting minutes to be released.
GBP/USD • GBP/USD hit hit 1.6145 on Friday, the pair’s lowest since April 5; the pair subsequently consolidated at 1.6194 by Bearish 1.6300 1.6090 1.6379
close of trade, tumbling 0.98% over the week.
• Investors will be looking towards the U.S. data on housing and employment while the Federal Reserve is to publish
the minutes of its most recent policy meeting. Meanwhile, the U.K. is to publish official data on employment,
consumer prices and retail sales.
USD/CHF • USD/CHF hit 0.8946 on Friday, the pair’s highest since April 20; the pair subsequently consolidated at 0.8924 by Strong 0.8900 0.8782 0.9010
close of trade, gaining 1.5% over the week. Bullish
• Investors will be looking for the U.S. to publish government data on housing and employment while the Federal
Reserve is to publish the minutes of its most recent policy meeting.
USD/CAD • USD/CAD hit 0.9743 on Friday, the pair’s highest since March 3; the pair subsequently consolidated at 0.9686 by Strong 0.9800 0.9512 0.9743
close of trade, easing up 0.25% on the week. Bullish
• Investors will be looking for the U.S. to publish government data on housing and employment while the Federal
Reserve is to publish the minutes of its most recent policy meeting. Meanwhile, Canada is to publish official data on
consumer prices and retail sales.
AUD/USD • AUD/USD hit 1.0519 on Friday, the pair’s lowest since April 20; the pair subsequently consolidated at 1.0570 by Strong 1.0100 1.0442 1.0716
close of trade, slumping 1.35% over the week. Bearish
• In the week ahead, the U.S. is to publish government data on housing and employment while both the Federal
Reserve and the Reserve Bank of Australia are to publish the minutes of their most recent policy meeting.
NZD/USD • NZDUSD hit 0.7834 on Friday, the pair's lowest since May 6; the pair subsequently consolidated at 0.7869 by close Bearish 0.7700 0.7813 0.7989
of trade, slumping 1% over the week.
• Next week, the U.S. is to publish government data on housing and employment while the Federal Reserve is to
publish the minutes of its most recent policy meeting. Meanwhile, New Zealand’s government is to publish details of
the country’s annual budget.
NY Crude Oil • Last week saw crude oil futures drop close to a three-month low on Thursday amid concerns over a slowdown in Neutral USD USD USD
global oil demand, before rebounding as fears over a disruption to U.S. supplies boosted prices. 120.00 92.60 110.71
• The market this week will monitor US housing data and industrial production for signs of economic recovery, and a
meeting of EU foreign ministers to discuss debt issues.
Gold • Gold swooned from its all-time high near $1,580 per ounce, slipping nearly $100 for the week before bouncing Neutral USD USD USD
slightly in Friday’s session. 1,500 1,361 1,577
• Continued strength in the US Dollar may keep the pressure on prices to move lower, with a resumption of the Dollar
slide likely to encourage another run at the highs in both precious metals and energy.
* Note FX & Commodity Market Focus and Technical Analysis source Citibank Wealth Management & Forex Pros

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Presented by Elite Global Trading For more market information connect and follow us

May 15th 2011 – May 21st 2011

Trader Insight: Risk controlled attributes Event Risk of the Week:

FX & Commodity Market Focus and Technical Analysis

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