Economic Release : A slew of Economic Indicators are out from most countries , Greece Elections on Sun, RBA Meeting Minutes and UK Core CPI on Tue, GER PPI , BOE Minutes and FED Interest Rates Decision and press conference on Wed, EU leaders special summit and CAD CPI on Fri are the most important data's for this Week.
USD weakness happened as expected last Week and we expect this to continue for another Week but Cautious approach is needed , coming to the third trading Week of the Month we believe that EURUSD closed @ Open but away from the lows , we believe the Bulls may push towards 12745/12830/12960 levels before testing the lows and 12435/12380-60 levels must be protected at all times . EURUSD is trading at the Make or Break Scenario so Cautious approach is needed. The Bulls must crack the 12665 level convincingly for a further push higher. GBPUSD closed well above the Open and near the highs, we believe that the Bulls may dominate again this Week and may test 15805-65/16000-75 levels before the next significant move down and they must protect 15625/15560 levels at all times. USDJPY closed below the open and near the low, we believe that the Bears may push one more attempt towards 7765/7600/7550 levels but the process may be a bit slow, 7920-75 levels must be protected at all times to maintain the Bearish view .
USDCHF closed @ the Open but away from the highs , we believe that the Bears may attempt to crack 9515 level and test 9405/9375/9255-15 levels before a reverse and 9565/9650 levels must be protected at all times. AUDUSD closed well above the Open but away from the lows, we believe the Bulls may attempt one more time to push towards 10135-90/10265/10385 levels and 9995-25 levels must be protected at all times. USDCAD closed @ the Open but away from the high, we believe the Bears may crack 10205 levels and push towards 10115/10055/9965-05 l levels and 10310-65/10445 levels needed to be protected at all times. The Bears need to crack the 10200 level for a further push lower.
Spot Gold closed above the Open but away from the low , we believe that the Bulls are getting ready for the next major move but now caught in a range between 15640/16700 /16940 levels. The Signals are mixed and we believe it is going to be a choppy session until a clear breakout. NZDUSD closed well above the Open and near the high and we believe the Bulls may push towards 8000-45-85/8250 levels and 7790-45 levels must be protected at all times. USDSGD closed mildly below the Open but away from the high, we believe that Bears may push towards the 12650/12525/12480 levels and 12780/12870 levels must be protected at all times.
The Best crosses we choose for this week are we are still in favour of the USD Bears but remain Cautious because of the Greece Elections. We remain as Day traders and trade on the Daily levels.
The Accuracy of the Long Term View may vary from the Weekly Projected Levels, so it is better to Pay attention to the Daily Report for more scrutinized view. Good Luck and Happy trading for the Week .