Weekly Review--091111
EUR/USD: This pair is very close to the top of a very fresh weekly cloud at 1.3456, as well as touching the weekly extreme on the SD channel. The pair is very OS on the 4-hour and daily. There should be a strong recovery.
First of all the key area to keep an eye on is 1.3833, which is the bottom of the monthly cloud, and 1.3906, which is the TK combo and comfortably above the cloud. If the minimum former level is not hit before the month is out, then kiss the UP good-bye.
As far as this week is concerned, initial R is going to be the WR1 at 1.3827. Afterward, it should hit the tenken at 1.3856, then the kijun at 1.3939, and even the WR2 at 1.3998 could be hit.
This pair peaked at 1.3939. The pair took quite a spin from there as it ended the week at 1.3793.
USD/JPY: If this pair has any ideas of going higher, there is R all over the place. The weekly tenken / TL combo is found at 78.69 and the bottom of the daily cloud is 78.55. Either those levels contain this week, or there will be an extremely strong move north this week, which would put the area of 80.72 on the radar for the near future. This may be what is necessary in order to break up the bottom side consolidation and then bring on a strong run to take out last months all-time low at 75.93, and then towards the low 70.00s.
The peak was only 77.51, then the tight consolidation continued.
GBP/USD: My long term view of 1.7333 for this pair is history if we do not get a bull candle this week, or we are headed to 1.5312. What this means is the WS1 at 1.5782 has to contain, and we would most likely head to the WR2 at 1.6076.
The WS1 was broken, as the pair finished 6 pips above it, thus, the peak was only 1.5883
USD/CHF: A correction of the current uptrend will probably ensue this week, but that does not mean we would not head a little higher to start the week. The WR1 at .9154 could be hit, but doubtful. The WS1 will most likely be hit at .8548. If the pair goes nuts on the downside, then look for the WS2 to contain at .8261.
Neither weekly levels were hit as the pair practically went east for the week, with a slight southern slant.
EUR/CHF: It seems to me this pair is due for a correction after last week was out of control. It could be looking at the WS1 at 1.1740, and possibly the daily tenken 1.1589. This pair will probably not have any substantial correction until it hits the bottom of the weekly cloud at 1.2961.
Same as the USD/CHF.
AUD/USD: We are still headed to the daily kijun at 1.0351, and maybe lower. Upside containment should be the WR2 at 1.0599, and the daily kijun should be hit this week.
We finally made it to the daily kijun as the dip was 1.0176.
USD/CAD: We are probably in for a bear candle this week. A mid-term correction should be in place as last week this pair hit the bottom of the cloud. If the move continues north, then look for the WR1 at 1.0006 to contain. I would look for at least the WS2 at .9882 to be hit on the downside.
The peak was just 18 pips beyond the WR1 at 1.0024, and then the dip was at least the WS2 as the dip was .9777.
NZD/USD: This pair should continue lower to start the week as its eye is on the WS1 at .8132. Even though the 4-hour is showing that is the case, do not count on the WS1 to contain. The upper TFs are still pointing due south. The weekly kijun at .7932 is still on the radar.
The pair had its eye on the WS1 and it had 20/20 vision as the dip was .8119. The reversal took the pair to the peak at .8338.
EUR/GBP: Last weeks dip was .8596, just 2 pips on top of the MS3. This area should temporarily contain. There is still some room for a move to the WS1 at .8531. Look for the WR2 at .8732 to be hit.
This pair made the most of it, heading to the dip at .8529, just 2 pips beyond my WS1, and then the peak was.8789, well beyond the WR2.
EUR/JPY: After last weeks move, we should see the MS3 at 103.95 hit before the month is finished.
This week watch for a reaction at the WR1 at 107.24. If we get a strong break through the WS1 at 104.68, then we can just about put 103.95 on the radar.
The pair headed to the dip to start the week, as the rest of the month was not needed to hit the MS3, as the dip was 103.88. We did get that strong break through the WS1, as it was a huge candle through it.
GBP/JPY: Even thought this pair will eventually head lower, downside momentum is diminishing. A break above 125.00 will lead this pair to some near term consolidative activity. Its hard for me to see even the WS1 at 122.38 being hit.
I didnt have 20/20 vision as the dip was 120.63.