GBPUSD: Last weeks high reached 1.6470

from the months low of 1.5780, the current

strength is expected to slow with this weeks

BOE rate statement on the docket and no

interest rate hike insight, the next level up for

resistance is 1.6550 and from there we have

the May high of 1.6740 area, we expect a

decline from current levels before another

move up towards the highs.

Recommendation: Current short term picture

looks like we may have a topping region in

place, we are looking for a short entry trigger

around 1.6350-1.6400, with targets at

1.6190-1.6100. Keep stop above 1,6450.

This is a risky play, safe play is wait for move

down and look for next long after a higher low

has been created above 1.5780. The med

term picture looks like another test of 1.6700

before the next major break. Of course all can

change with the US debts ceiling Vote.

The markets are trading thin volume summer

months with high volatility, so much for slow

summer trading. With the US debt Vote early

this week, expect a volatile week. Looking at

the environment we are in, we suggest to

keep your trades short term, reduce your risk,

with the daily fluctuations in a wide range

gives opportunity to take good size moves of

100+ pips inside of a few days in both

directions. Keep an eye on fundamentals in

the US and Europe when taking your trades

considering the markets are making moves

based on these to major economies. This

week will be a historical week with the US

debt ceiling vote, consider that when you

place your trades. All technical's can be

violated when unexpected economic events

happen.

Fundamental Outlook

UK Pound Sterling / United States Dollar

Elite Global

Trading Forex Weekly Commentary

July 31st –Aug 6th 2011 Volume 1, Issue 13

In this issue:

Fundamental

GBPUSD

1

EURUSD

AUDUSD

GBPJPY

NZDUSD

2

EURJPY

EURCAD

EURCHF

GBPCHF

3

Event Risk 4

Contact Info

Disclaimer

5

EURUSD: Current short term picture over the

next week looks to possible make a bearish

move down to the 1.4000 level. With a short

term high in place around 1.4500 we look for

short opportunities using stops above

1.4450. We have strong resistance at 1.4450

and 1.4500. A break of those levels the

uptrend will resume to new highs above

1.4600. On the downside look for support

around 1.4270 1.4200 1.4100 and stronger

support at 1.4000.

Recommendation: Short term Bearish Bias,

we are looking for a short signal this week

around 1.4400-1.4350, targeting 1.4250,

1.4200, and final target at 1.4100. Keep

stops above 1.4450 and trail with tight risk as

targets are hit.

Euro / US Dollar

Elite Global

Trading

July 31st –Aug 6th 2011 Volume 1, Issue 13

AUDUSD: Has last week reached all time

highs with desire to pusher higher in the

weeks to come. Current objective point on

long side is 1.1150 area. A break to that

region may happen early this week, a deeper

pullback is expected or consolidation is

expected ahead of a move higher to the

1.1300-1.1400 region.

Recommendation: Bullish Bias look for entry

to the 1.1150 area. Expect a deeper pullback

after that objective is achieved. Support

1.0958, 1.0885, 1.0820. Resistance 1.1030,

1.1080, 1.1150

Australian Dollar / United States Dollar

GBPJPY: Just bounced off of upper trend line

from 140.00 and looks to continuing the

downtrend back to lows of 125.00 area. If

these bottoms hold we will look to go long.

Current outlook is same for all YEN pairs, play

with caution of the BOJ possible intervention.

Recommendation: Bearish Bias with support

at 125.80, 124.80. Resistance at 127.18,

128.00, 128.44, 129.30.

UK Pound Sterling / Japanese Yen

NZDUSD: Has just created a new highest high

last week around .8790. We see for short-

term a move down to the mid .8000s before

long continues up to .9000s. We see support

at .8706 .8680 .8600 .8537 .8458.

Recommendation: Short term Bearish

opportunity, higher risk trade so tight risk is

recommended. Looking for short trigger

around .8700, keep risk at .8800 and

targeting .8600 .8537 .8458., of course a

break above .8800 negates this play.

New Zealand Dollar (Kiwi) / United States Dollar

Elite Global

Trading

July 31st –Aug 6th 2011 Volume 1, Issue 13

EURJPY: Has been struggling to break higher,

current outlook is Bearish with a possible

attempt to break trend line at the 110.00

area and go back down to the 108.00 area

with an attempt to touch all time low of

105.00 region. If this current bottom holds

around 110.00 we will wait and look for long

entries, currently we are skeptical of YEN

pairs, with the current levels a possibility of

the BOJ intervening we take caution on

shorts.

Recommendation: Bearish Bias with tight risk

and keeping your eyes on BOJ intervention

possibility. Support levels 110.00, 109.50

108.30 107.60.

Resistance: 111.50,112.70,113.66.

Euro / Japanese Yen

EURCAD: Has a longer term picture of a

possible recovery up towards the mid 1.500s,

we have our eyes on this, we see an possible

inverse head and shoulders pattern

unraveling on the weekly chart, if the pattern

holds on the next few months we may see this

move start to happen. For short term we see

another move down towards the recent lows

of 1.3400 area.

Recommendation: Bearish Bias, look for a

short entry to test lows again this week.

Support at 1.3585, 1.3500, 1.3400. Look for

resistance at 1.3780, 1.3871, 1.4000

Euro / Canadian Dollar (Loonie)

EURCHF: Has reached a new all time low near

1.1300. As everyone jumps to buying the

Swiss Franc CHF, all the Swiss Franc pairs are

trading at extremes. Current picture for this

pair is way oversold, but one can't really judge

how long it will stay oversold, we are looking

for a sign for a recovery and position for a

long, which is very risky, with tight risk and

clear objective a natural correction here is

due and will be a great play. We see currently

possible consolidation prior to a larger

recovery. We see recover up to

1.1700,1.1821, and 1.1950.

Recommendation: Bearish Bias, safe plays

are wait for rally and position foe shorts,

riskier play would be look for clear indication

of reverse and position for long with tight risk

and clear objective. Resistance: 1.1485,

1.1523, 1.1705, 1.1830, 1.1950. A start to

the week we may see a further extension on

short looking for a new all time low. The long

is a med term pick to keep an eye on for now

short term view look for pair to continue to

push lower.

Euro / Swiss Franc

GBPCHF: Again looking at the Swiss Franc as

counter part this pair is also reaching new

extremes with CHF gaining strength. Look to

short on rallies, perfect trend line bounce last

week and continued downtrend. GBPCHF will

be looking for new all time low this week.

Recommendation: Bearish Bias, look for

shorts after rally. Longer term breakout

opportunity to upside we will be patiently

watching, once CHF looks to make a deeper

recovery across the board. In meantime short

plays.

UK Pound Sterling / Swiss Franc

Elite Global

Trading

July 31st –Aug 6th 2011 Volume 1, Issue 13

Keep a close eye on US Debt Ceiling Vote,

Tuesday & Wednesday will be important days:

Sunday:

CNY: Manufacturing PMI 9pm

Monday:

GBP: Manufacturing PMI 4:30am

EUR: Unemployment Rate 5am

USD: ISM Manufacturing PMI 8:30am

NZD: Labor Cost Index 6:45pm

AUD: Building Approvals 9:30pm

Tuesday:

AUD: RBA Rate Statement 12:30am

CHF: Retail Sales 3:15am

GBP: Construction PMI

USD: Personal Spending 8:30am

AUD: Retail Sales/Trade Balance 9:30pm

Wednesday:

GBP: Services PMI 4:30am

EUR: Retail Sales 5am

USD: ADP Non-Farm Employment Change

8:30am

USD: ISM Non-Manufacturing 10am

NZD: Employment Change 6:45pm

Thursday:

EUR: German Factory Orders 6am

GBP: Official Bank Rate 7am

EUR: Min Bid Rate 7:45am

EUR: ECB press conference 8:30am

USD: Unemployment Claims 8:30am

JPY: Overnight Call Rate

Friday:

GBP: PPI 4:30am

EUR: German Industrial Production 6am

USD: Non-farm Employment Change 8:30am

USD: Unemployment Rate 8:30am

Weeks Event Risk

Any reliance you place on

such information is therefore

strictly at your own risk.

In no event will we be liable for any

loss or damage including without

limitation, indirect or consequential

loss or damage, or any loss or

damage whatsoever arising from

loss of data or profits arising out of,

or in connection with, the use of this

newsletter.

The information contained in this

newsletter is for general information

purposes only. The information is

provided by Elite Global Trading and

while we endeavor to keep the

information up to date and correct,

we make no representations or

warranties of any kind, express or

implied, about the completeness,

accuracy, reliability, suitability or

availability with respect to the

newsletter or the information,

products, services, or related

graphics contained on the

newsletter for any purpose.

News letter Authors:

Anthony Rousseau :

arousseau@eliteglobaltrader.com

James Putra

jputra@eliteglobaltrader.com

Tel: 786-759-0348

E-mail:

info@eliteglobaltrader.com

Elite Global Trading

Disclaimer

The Premier Algorithmic Trading Technology Firm

Elite Global

Trading

** Keep a close eye on US Debt

Ceiling Vote, Tuesday & Wednesday

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