Weekly Forex Trading Commentary - Sunday 6th April 2014

GBP/USD - Price Closes Above Support At 1.6565, Might Move Higher From Here

The GBP/USD dipped lower on Friday but managed to close back above key support at 1.6565. This level coincides more or less with the 50% level of the last move higher and so there is a lot of confluence here too. We would not be surprised to see this market continue to push higher into the start of next week contesting that level near 1.6700 and then up past that we have resistance near 1.6800 which may be test if the market picks up a lot of momentum.

EUR/JPY - Market Sells Off From Key Resistance

The EUR/JPY sold off on Friday as predicted in our market commentary on Thursday last week. From here we expect to see this pair drift lower and retest key support down near 140.00.

FTSE 100 Index - Bearish Price Action Sell Signal From Key Resistance

The FTSE 100 Index produced a bearish price action sell signal from key resistance on Friday. We would not be surprsied to see a sell-off from here perhaps as low as key support down near 6500.

DAX 30 Index - Bearish Price Action Sell Signal From Key Resistance, But Be Cautious, It's Counter-Trend

The DAX 30 Index also produced a bearish price action sell signal from key resistance on Friday. This market has been much stronger than the FTSE 100 lately and so this is not a high probability setup. There is lots of room for a retracement but to be on the safe-side I would not recommend shorting just yet.

Dow Jones Industrial Average - Big Bearish Price Action Outside Bar / False-Break

The Dow Jones produced a very large price action outside bar on Friday following the worse-than-expected NFP figures. We would not be surprised to see a correction in this market over the next week or so, perhaps back down to key support at 16000.

This price action trading commentary is published by Lewis Barber and represents his current view of the forex market.

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