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Weekly
WeeklyFX
FXCommentary
Commentary Web: www.eliteglobaltrader.com
Authors: Anthony Rousseau & James Putra

June 5th 2011 – June 10th 2011

FX Market Flash
Pair Assessment Comment
AUDUSD is a bullish picture from the long term perspective, talks about the pair having a possible top in place at 1.1000 level which is
the most recent all time highs, with continued weakness in the USD we may see it stay at these levels, but for the Aussie economic
overview, we see weakness coming for the near term on the docket for economic data we have the RBS rate decision which is
expected to take the wait and see posture which may bring weakness for the short term to the currency, for upside resistance we look
at 1.0746, 1.0808 1.0890, 1.1000
AUDUSD Immediate support for downside, 1.0682 1.0604, 1.0550 1.0479 Bullish

Recommendation is to start the week we may see a continued move up from last week to the immediate resistance levels but short
lived, look to take profits or reduce risk at those levels, with RBA rate decision Tuesday we may see a reverse back down to most
recent support and may continue that direction for the rest of the month. Watch for decision on Tuesday for cleared picture of direction
for the rest of month. Possible large move down for rest of month.
EURUSD current picture is changing back bullish, but at a very critical juncture, with many factors economically waiting to unravel
bringing the current strength of the currency to a halt we may see this current move up short lived, with rate decision Thursday
expected to remain same, we will wait to see when speculation on next rate hike, if no clear direction we will see this pair come back
down to a bearish picture. Currently trading at most current resistance of 1.4642 1.4700 and 1.4800 levels look to be next major
resistance on way up. On downside support look for 1.4569 1.4483 and 1.4450.
EURUSD Neutral
Recommendation would be to watch for cycle plays prior to Thursday and after Thursday we will see pair to break into direction that will
drive for the rest of month. Watch for updates on economic stability throughout week. Weekly looking to topple and looking for
Thursdays event to support this outlook, market sentiment is short this pair long term, this can change Thursday. If Thursday's outlook
is bleak we should be looking for long-term short back down to the 1.3600 levels.
EURJPY is trading near some strong daily resistance around 117.80, would need to see a strong push up in EURUSD or USDJPY to
break this to continue move up. Still trading in a downward channel off it's high from 123 and 121.80. Without the EURUSD push up or
the USDJPY push up this pair will probable continue to cycle at current support and resistance. Immediate resistance at 117.80 and
EURJPY 118.36-50 immediate support is 117.18 116.79 116.17 115.66 Neutral

Recommendation: Trades this week will continue to be cycle plays until we see the EURUSD and USDJPY make decisive moves into a
direction, Current strength is bullish, caution around resistance levels, unlikely to break without event support to move through.
GBPUSD current move up from last weeks dollar weakness looks to be capped at immediate resistance at 1.6434, 1.6482 and 1.6501,
a clear break above 1.6546 will give credence to a move back up to April high of 1.6744. This does not look likely with the weak
economic outlook in the UK, Thursday is the rate decision and no sign of raising rates will certainly push this pair back down to most
recent lows of 1.6057.
GBPUSD Bearish
Recommendation: Look for cycle plays this week until Thursday which should give clearer direction for the rest of the month. Current
strength may continue for the beginning of the week. Looking for move for the month to move to the bearish side to break lows the UK
economic outlook is bleak and no rate hike insight, this looks like a short possibility to 1.5600 by end of month, Thursday will give
greater support for this outlook.
GBPJPY is currently very weak from long term picture. Current week outlook will remain bearish for the pair considering YEN strength
and GBP weakness. The pair has some strong support levels around 131 and 130.00 levels a break their will push towards 128 levels.
GBPJPY Look to see if USDJPY breaks lows this pair will likely follow. Also take caution holding short below these lowest lows, BOJ intervenes Bearish
we will see a spike up in this pair as well. Look for cycle plays on short side with this pair, immediate resistance will be 132.58 132.90
133.42, if GBPUSD drops this week after interest rates expect this pair to follow, looking for shorts after rally's.
GBPCHF most likely to rally throughout the week after falling to all time lows along with USDCHF. This pair has wide swings, great
cycle plays if can place stop in good spot, watch for USDCHF and GBPUSD when taking this pair, late in week expect GBP weakness
GBPCHF which continues to show bearish outlook for GBPCHF, also may see USDCHF rally up some, but still USDCHF and GBPCHF at all time Bearish
lows, once the USD starts it's recovery bullish again then we may see USDCHF Change bearish outlook, until then we see both these
pairs to continue bearish plays after rallies, careful of consolidation after large move last week.
USDJPY weekly still very weak, looking for the bottom in the 80.04-79.58 range to hold, a break of these levels will be back in all time
low range. Once these levels break we may see panic slides and also need to take into consideration the BOJ taking counter action to
weaken their currency which would hold this pair up. With the data that came out Friday for NFP so weak, gives little strength for the
USD at the moment, looking for these immediate support levels to hold for the long term picture of the bear run to be coming to an end.
With last weeks data the pair is weak and expected weakness may continue to start this week. Careful of longs. Not much US news this
USDJPY week to push this pair to highs, may see some continued cycling in this pair. Immediate resistance on the way up starts at 80.90, 81.30
Neutral
81.50.

Recommendation for this pair would be to standby. May not be much money to be made on cycle plays, hold aside for when recovery
for long side starts and economic data supports bullish move. Also a break below 80.00 brings a high probability of BOJ intervention.
NZDUSD has been very strong for sometime now and still looking to possible break up to .8300 and .8500, with this weeks rate
decision on Wednesday we will see some cycle plays here and a possible continued bullish move up towards higher highs, if news
Wednesday is bleak for RBnZ which is not likely, we may see a break back down to most recent support of .8070 .8000, .7940.
NZDUSD Bullish
Recommendations: This is a good pair for some straight cycle plays with not very large swings, good for tight stops. Look for cycle
plays in continued strength, this pair tends to make its moves in the Tokyo market along with AUDUSD