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Weekly Wrap: Bullish Week For Commodity Currencies

Published 02/10/2014, 01:29 AM
Updated 07/09/2023, 06:31 AM

By reviewing and comparing market % performance we can gain a quick and convenient insight into where money is flowing to (and from) to help us refine our trading watchlist for the days or weeks ahead.

Fx Indices & Commodities

FOREX:

Commodity currencies enjoyed a bullish week to finish near January highs but are displaying signs of weakness with reduced volume and near-term reversal signals.

AUD: The Australian Dollar Trust (FXA) closed the week near January highs but volume is down to suggest a weakness to the recent bullish run. 

CAD: The Canadian Dollar Trust (FXC) closed the week with a Shooting Star reversal on higher volume to suggest pending weakens ahead. 

CHF: The Swiss Franc Trust (FXF) is trading in a potential symmetrical triangle to suggest pending strength and resumption of the uptrend in the coming weeks. 

EUR: The Euro Trust (FXE) had lower volume last week to bring into question the validity of recent strength. 

JPY:  The Japanese Yen Trust (FXY) edged lower from its weekly high to close down following disappointing jobs figures. The primary trend is technically bearish so we are seeking a resumption of this trend. 

GBP: The British Pound finished the week up on higher volume to suggest a pivotal swing low and pending strength this week. 

USD: The USD Index sold off following disappointing jobs data, to close down for the 3rd consecutive day. Bearish momentum is increasing to suggest further weakness this coming week. 

Forex

COMMODITIES:

METALS: Gold and Silver rejected their 2-week lows with Silver closing the week with a Bullish Engulfing candle to suggest further strength this week. Gold produced a Bullish Piercing line candle to also suggest further strength ahead. 

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OIL: WTI is trading back near the December highs and posted its most bullish day since 3rd December, taking advantage of the USD weakness. Brent followed suit to break above 108.50 resistance to close +1.8%, its biggest gaining day since 21st November. 

COMMODITIES

INDICES:

After an undesirable start to the week, US, European and Asian Equities finished up and produce Bullish Hammers to suggest further strength ahead and a pivotal swing low. 
INDICES

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