8/6/2019 FX Weekly Commentary - May 5 2011

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Presented by Elite Global Trading

May 8, 2011

Weekly FX CommentaryWeekly FX Commentary

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

Wednesday: GBP: BOE Inflation Report 5:30am

USD: Trade Balance 8:30am

Thursday: GBP: Manufacturing Production 4:30am

EUR: Industrial Production 5:00am

USD: Core Retail Sales 8:30am

USD: PPI 8:30am

USD: Retail Sales 8:30am

USD: Unemployment Claims 8:30am

Friday: EUR: Preliminary GDP

USD: Core CPI 8:30am

USD: Preliminary UoM Consumer

Sentiment 9:55am

Trader Insight:

The Art of Entering and Exiting:

Many traders put so much emphasis on entering the market that when it comes time to exit they fallhort of what should be achieved in each trade. I am sure if you are a trader reading this you have

been part of the crowd at one point in time who spent countless hours on entry strategies andminutes on exit strategies. Most likely you would enter the trade without even planning your exit. Inhe book Millionaire Traders, Rob Brooker makes a great analogy. When Rob was asked whetherentering or exiting is more important he compared it to flying a plan, is taking off or landing moremportant, and for the pilot of that plane both taking off and landing need the same degree ofprecision.

To become a great trader you must allocate your time to both entering an exiting the market. Thereare a finite number of ways to do both and it is up to you to define what will work best for you andyour trading strategy. Don't cut your self short, be a complete trade specialist and map out your entireplan to reach your goals of profitable trading.

Trade of the week:ooking for a turbulent week in the EURUSD,etween US data and European countries suchs Greece and Ireland, we should see lots ofction in the EURUSD. The upper channel trendne is broken and looks at a possible continued

move down for the week.

We have support at 1.4298 1.4232 1.4125.4030 1.3942 and resistance at 1.4459 1.4512.4578 1.4685

We are at a pivotal juncture for the EURO tomove back up to continue the long or start testinghe support levels below. We see a rally up to theesistance levels and a move back down toreate some lower lows this week. Enjoy the

olatility!

FX & Commodity Market Focus and Technical Analysis

Currency/Commodity Market Focus Short TermComment

0-3 MthForecast

Support Resistance

EUR/USD EUR/USD hit 1.4939 on Wednesday, the pairs highest since December 4, 2009; the pair subsequently consolidatedat 1.4318 by close of trade on Friday, tumbling 3.3% over the week.

Investors will be looking towards U.S. data on retail sales and inflation to gauge the strength of the U.S. economicrecovery while the euro zone is to release preliminary data on gross domestic product on Friday.

Neutral 1.4500 1.4156 1.4587

USD/JPY USD/JPY hit 79.56 on Thursday, the pairs lowest since March 18; the pair subsequently consolidated at 80.60 byclose of trade on Friday, shedding 0.60% over the week.

Investors will be looking towards U.S. data on retail sales and inflation to gauge the strength of the U.S. economicrecovery while the BoJ is to publish the minutes of its most recent policy meeting.

Neutral 83.00 79.56 81.68

GBP/USD GBP/USD hit 1.6738 on Monday, the weekly high and an almost 17-month high; the pair subsequently consolidatedat 1.6366 by close of trade on Friday, tumbling 2.06% over the week.

Investors will be looking towards U.S. data on retail sales and inflation to gauge the strength of the U.S. economicrecovery while the BoE is to publish its quarterly inflation report.

Neutral 1.6300 1.6229 1.6573

USD/CHF USD/CHF hit 0.8551 on Wednesday, the pairs all-time low; the pair subsequently consolidated at 0.8785 by close oftrade on Friday, gaining 1.55% over the week.

Investors will be looking towards U.S. data on retail sales and inflation to gauge the strength of the U.S. economicrecovery while Switzerland is also to publish government data on inflation.

Neutral 0.8900 0.8551 0.8873

USD/CAD USD/CAD hit 0.9712 on Thursday, the pairs highest since April 18; the pair subsequently consolidated at 0.9662 byclose of trade on Friday, tumbling 2.16% over the week.

Investors will be looking towards U.S. data on retail sales and inflation to gauge the strength of the U.S. economicrecovery while Canada is to publish data on its trade balance.

Neutral 0.9800 0.9566 0.9720

AUD/USD AUD/USD hit 1.0535 on Thursday, the pairs lowest since April 20; the pair subsequently consolidated at 1.0697 byclose of trade, slumping 2.4% over the week.

Investors will be looking towards U.S. data on retail sales and inflation to gauge the strength of the U.S. economicrecovery while Australia is to publish a government report on the nations unemployment rate.

Neutral 1.0100 1.0535 1.0876

NZD/USD Hit 0.7813 on Thursday, the pair's lowest since April 12; the pair subsequently consolidated at 0.7903 by close oftrade, dropping 2.3% over the week

Investors will be looking towards U.S. data on retail sales and inflation to gauge the strength of the U.S. economicrecovery while the Reserve Bank of New Zealand is to publish its financial stability report.

Bearish 0.7700 0.7813 0.8064

NY Crude Oil Crude prices fell for a fifth day on Friday amid concerns over a slowdown in demand from the worlds largest oilconsumer, after official data showed that the U.S. unemployment rate rose to 9.0% last month from 8.8% in March.

Oil may drop further next week as U.S. supplies remain at a six-month high and on a stronger dollar, a BloombergNews survey showed.

Bearish USD120.00

USD105.31

USD120.00

Gold Gold fell below $1,500 an ounce as the dollar index rebounded

June gold futures on the Comex division of the New York Mercantile Exchange settled at $1,491.60 an ounce, down4.1% on the week

Neutral USD1,500

USD1,382

USD1,700

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

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