8/6/2019 FX Weekly Commentary - May 15 2011

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Presented by Elite Global Trading

May 15th

2011 May 21st

2011

Weekly FX CommentaryWeekly FX Commentary

Event Risk of the Week:** All times in (UTC-05:00) Eastern Time (US & Canada)

Monday: USD: TIC Long-Term Purchases

9:00am AUD: Monetary Policy Meeting

Minutes 9:30pm

Tuesday: GBP: CPI 4:30am

EUR: German ZEW EconomicSentiment 5:00am

USD: Building Permits 8:30am

NZD: PPI Input 6:45pm

Wednesday: GBP: MPC Meeting Minutes 4:30am USD: Monetary Policy Meeting

Minutes 2:00pm NZD: Annual Budget Release

Thursday: GBP: Retail Sales 4:30am

USD: Existing Home Sales 10:00am USD: Philly Fed Manufacturing Index

10:00am JPY: Monetary Policy Statement

Trader Insight: Risk controlled attributes

Trading is a high risk business, knowing when to increase and decrease risk is critical for your success. Its important for traders to have well balanced outlook, know when to add more to winning trades, andake risk in calculated ways. People who are willing to take measured risks in their lives, not over-

cautious, and are not such perfectionists that they cannot pull the trigger, are more likely to succeed as arader. The great thing about trading is that all the right attributes can be learned with the right attitude.

Successful traders know how to:

Control downside risk Manage draw-downs

Control emotions when up or down

Grow a position in high-conviction ideas

Know when to cut a loser

Plans their trading and trade their plan

Traders all have different personalities and it is critical each person identifies who they are and how tocontrol their emotions as a risk taker. Looking on the inside is most important exercise for everyone, thiswill heighten your awareness to all your decisions.

Good Luck Traders!Trade of the week:Looking at a sharper decline in the NZDUSD this week.The Kiwi holding it's rates and USD strength starting togain with a potential of rate hike. We are short lookingor a continued move down to support levels.

Support: .7839, .7759, .7651, .7617, .7498Resistance: .7889, .7939, .8013

We have our objective points at .7750, .7660, .7500.This is a trade to be patient with.

FX & Commodity Market Focus and Technical AnalysisCurrency/Commodity Market Focus Short Term

Comment0-3 Mth

ForecastSupport Resistance

EUR/USD EUR/USD hit 1.4065 on Friday, the pairs lowest since April 1; the pair subsequently consolidated at 1.4115 by closeof trade, tumbling 1.71% over the week.

Looking ahead, investors will be closely watching developments in the euro zone, with the single currency likely toremain under pressure until the conclusion of Mondays meeting.

StrongBearish

1.4500 1.3979 1.4422

USD/JPY USD/JPY hit 81.33 on Thursday, the pairs highest since May 2; the pair subsequently consolidated at 80.75 byclose of trade on Friday, easing up just 0.18% over the week.

Investors will be looking for Japan to release data on Q1 GDP followed by the BOJ Monetary policy statementrelease Thursday while looking for the US housing data and US monetary policy meeting minutes to be released.

Bearish 83.00 80.04 81.33

GBP/USD GBP/USD hit hit 1.6145 on Friday, the pairs lowest since April 5; the pair subsequently consolidated at 1.6194 byclose of trade, tumbling 0.98% over the week.

Investors will be looking towards the U.S. data on housing and employment while the Federal Reserve is to publishthe minutes of its most recent policy meeting. Meanwhile, the U.K. is to publish official data on employment,consumer prices and retail sales.

Bearish 1.6300 1.6090 1.6379

USD/CHF USD/CHF hit 0.8946 on Friday, the pairs highest since April 20; the pair subsequently consolidated at 0.8924 byclose of trade, gaining 1.5% over the week.

Investors will be looking for the U.S. to publish government data on housing and employment while the FederalReserve is to publish the minutes of its most recent policy meeting.

StrongBullish

0.8900 0.8782 0.9010

USD/CAD USD/CAD hit 0.9743 on Friday, the pairs highest since March 3; the pair subsequently consolidated at 0.9686 byclose of trade, easing up 0.25% on the week.

Investors will be looking for the U.S. to publish government data on housing and employment while the FederalReserve is to publish the minutes of its most recent policy meeting. Meanwhile, Canada is to publish official data onconsumer prices and retail sales.

StrongBullish

0.9800 0.9512 0.9743

AUD/USD AUD/USD hit 1.0519 on Friday, the pairs lowest since April 20; the pair subsequently consolidated at 1.0570 byclose of trade, slumping 1.35% over the week.

In the week ahead, the U.S. is to publish government data on housing and employment while both the FederalReserve and the Reserve Bank of Australia are to publish the minutes of their most recent policy meeting.

StrongBearish

1.0100 1.0442 1.0716

NZD/USD NZDUSD hit 0.7834 on Friday, the pair's lowest since May 6; the pair subsequently consolidated at 0.7869 by closeof trade, slumping 1% over the week.

Next week, the U.S. is to publish government data on housing and employment while the Federal Reserve is to

publish the minutes of its most recent policy meeting. Meanwhile, New Zealands government is to publish details ofthe countrys annual budget.

Bearish 0.7700 0.7813 0.7989

NY Crude Oil Last week saw crude oil futures drop close to a three-month low on Thursday amid concerns over a slowdown inglobal oil demand, before rebounding as fears over a disruption to U.S. supplies boosted prices.

The market this week will monitor US housing data and industrial production for signs of economic recovery, and ameeting of EU foreign ministers to discuss debt issues.

Neutral USD120.00

USD92.60

USD110.71

Gold Gold swooned from its all-time high near $1,580 per ounce, slipping nearly $100 for the week before bouncingslightly in Fridays session.

Continued strength in the US Dollar may keep the pressure on prices to move lower, with a resumption of the Dollarslide likely to encourage another run at the highs in both precious metals and energy.

Neutral USD1,500

USD1,361

USD1,577

* Note FX & Commodity Market Focus and Technical Analysis source Citibank Wealth Management & Forex Pros

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