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

May 30th 2011 – June 3rd 2011

Trader Insight: Trade with rules: Event Risk of the Week:

** All times in (UTC-05:00) Eastern Time (US & Canada)
I'm sure you all have experienced breaking a rule in some area of life and suffered the consequence.
Also pretty sure you felt like I did once you looked back at when you broke the rule, saying to yourself, Monday:
"why did I do that". In life we all live by different sets of rules that guide us to where we want to go. The
rules are made to reduce our risk and keep us on track to achieve our goals. Tuesday:
• EUR: German Retail Sales,2am
Trading is a game won with a clear cut plan to reach your goals. Inside the plan needs to be clear cut • EUR: CPI Flash Estimate &
rules that you follow with discipline. The rules should be wrapped around your trading plan to keep you Unemployment rate 5am
on track. Once you have your plan, set the rules that will allow you to achieve your goals. Following the • USD: CB Consumer Confidence 10am
rules will be the key to your success, you will see that most of your mistakes in trading fall within a • AUD: GDP 9:30pm
violation of a rule you set. Make your plan set your rules and trade your plan, this will bring you that much Wednesday:
closer to all your goals. • GBP: Manufacturing PMI 4:30am
• USD: ADP Non-Farm Employment
change 8:15
Trade of the week: •
•
USD: ISM Manufacturing 10am
AUD: Retail Sales & Trade balance
9:30pm
GBPJPY Long
Support: 133.22 132.80 132.64 Thursday:
Targets: 134.17 135.14 • GBP: Construction PMI & Inflation Report
4:30am
Stop: below 132.00
• USD: Unemployment Claims 8:30am
Look for cycle play up to 135.14 this Friday:
week, look for move up on GBPUSD first • GBP: Services PMI 4:30am
and check event risk to pull up their, • USD: Non-farm employment change
careful of holding long above 135.00, 8:30am
topple after 135.14 then look short plays. • USD: Unemployment rate 8:30am
Look for pullback to 132.90 for next bull • USD: ISM Non-Manufacturing 10am
move up.

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 1.3968 on Monday, the pair’s lowest since March 17; the pair subsequently consolidated at 1.4315 by Strong 1.4500 1.4001 1.4422
close of trade on Friday, jumping 1.32% over the week. Bullish
• U.S. markets closed Monday, investors will be looking towards Friday’s data on U.S. non-farm payrolls to gauge the
economic recovery strength. A speech on Thursday by ECB President Jean-Claude Trichet will also be closely
watched.
USD/JPY • USD/JPY hit 82.21 on Tuesday, the weekly high; the pair subsequently consolidated at 80.77 by close of trade on Strong 83.00 80.04 81.41
Friday, tumbling 1.22% over the week. Bearish
• U.S. markets closed Monday, investors will be looking towards Friday’s data on U.S. non-farm payrolls to gauge the
economic recovery strength
GBP/USD • GBP/USD hit 1.6056 on Tuesday, the pair’s lowest since April 1; the pair subsequently consolidated at 1.6504 by Strong 1.6300 1.6266 1.6660
close of trade on Friday, surging 1.7% over the week. Bullish
• In the week ahead, markets are to remain closed on Monday for holidays in the U.S. and the U.K., while investors
will be looking towards Friday’s data on non-farm payrolls to gauge the strength of the U.S. economic recovery.
USD/CHF • USD/CHF hit 0.8461 on Friday, the pair’s all-time low; the pair subsequently consolidated at 0.8503 by close of Strong 0.8900 0.8300 0.8662
trade, dropping 3.26% over the week. Bullish
• U.S. markets will be closed on Monday for a public holiday, while investors will be looking towards Friday’s data on
U.S. non-farm payrolls to gauge the strength of the economic recovery. Meanwhile, Switzerland is to publish official
data on first quarter GDP and retail sales.
USD/CAD • USD/CAD hit 0.9815 on Thursday, a two-month high; the pair subsequently consolidated at 0.9759 by close of trade Neutral 0.9800 0.9653 0.9815
on Friday, slipping 0.19% over the week.
• In the week ahead, U.S. markets will be closed on Monday for a public holiday, while investors will be looking
towards Friday’s data on non-farm payrolls to gauge the strength of the U.S. economic recovery.
AUD/USD • AUD/USD hit 1.0718 on Friday, the pair’s highest since May 11; the pair subsequently consolidated at 1.0686 by Strong 1.0100 1.0508 1.0888
close of trade, climbing 0.45% over the week. Bullish
• In the week ahead, U.S. markets will be closed on Monday for a public holiday, while investors will be looking
towards Friday’s data on U.S. non-farm payrolls to gauge the strength of the economic recovery. Meanwhile,
Australia is to publish official data on first quarter GDP and retail sales
NZD/USD • NZDUSD hit 0.8196 on Friday, the pair's highest since March 17, 2008; the pair subsequently consolidated at Strong 0.7700 0.7860 0.8214
0.8188 by close of trade, jumping 3.1% over the week, its biggest weekly gain since late March. Bullish
• In the week ahead, U.S. markets will be closed on Monday for a public holiday, while investors will be looking
towards Friday’s data on U.S. non-farm payrolls to gauge the strength of the economic recovery. Meanwhile, New
Zealand is to publish official data on its trade balance as well as a report on building consents.
NY Crude Oil • OPEC is likely to increase production quotas to 27 million to 27.5 million barrels a day when it meets in Vienna June Bearish USD USD USD
8 120.00 92.60 110.71
• Traders will be closely watching data in coming weeks for signs of gasoline demand over the Memorial Day
weekend, celebrated May 30, which marks the start of the summer driving season
Gold • Gold ended the second consecutive week with gains on the shift in the market sentiment and high uncertainty and Neutral USD USD USD
volatility 1,500 1,361 1,577
• As we start a new week, gold remains volatile and will be subject to heavy fluctuations alongside the mixed
sentiment, yet we can surely see the upside support for the metal prevailing from the high uncertainty.
* Note FX & Commodity Market Focus and Technical Analysis source Citibank Wealth Management & Forex Pros