Weekly Forecast--100911
EUR/USD: The move north is not completed. The sharp move south that ended last week will continue, but this pair is in for a much broader range consolidation before the DOWN will continue. The 4-hour kijun at 1.3334 is on the radar, but it is possible than a move to the WS1 at 1.3274 could be ruled out before the pair reverses back to the UP to go even higher.
USD/JPY: This pair is all mixed….still. What to watch for is a massive breakaway when you expect it least. The daily and monthly are still weighing down heavy to go south, but the weekly has different ideas. Given the overall near term look of the USD, I would expect a strong break to the south. As long as that is the case, then watch for the circa area of 72.27. Things promise to start heating up at that point.
This week the favored scenario is to see the WR1 at 76.91 and the WS3 at 75.94 to be hit.
GBP/USD: Now that the bottom of the weekly cloud has finally been hit, the corrective journey north is favored to continue, but look for the journey south that ended last week to continue to start this week. The 4-hour kijun is 1.5445 and the WS1 is 1.5436, so that zone is viable for containment.
USD/CHF: You’ll get tired of hearing this, but this pair is getting ready for a huge reversal. The top of the weekly cloud still has not been hit, currently at .9399. My WR2 is .9402. When the weekly levels at 1 or 2 matches the turning points you know we are close. It’s subject to change, but the TK combo is at .8124.
EUR/CHF: The move north will continue will it left off last week. The WR1 is 1.2484 and the WR2 is 1.2568. Watch for reactions at both of those points. Another level to watch for is 1.2733, but it is doubtful it will be hit this week. Absolute containment is the bottom of the weekly cloud at 1.2964.
AUD/USD: The final objective of the drop at .9390 was hit last week, and then we had a monster reversal. The pair is expected to go lower, but for now it is going to be trapped in a MT consolidative correction. As far as this week is concerned, look for the drop to continue that ended last week to the 4-hour kijun at .9630, which matches perfectly with my WS1. The daily kijun is 1.0059, which coincides rather nicely with my WR2 at 1.0044, so that area would make a nice objective for this week.
USD/CAD: Last week I was looking for the top of the weekly cloud to be hit at .0088, and it was just missed. That objective still needs to be met. I don’t like to predict such things, but I’ll go out on a limd and say we got a headfake into the 4-hour cloud and the UP that ended last week will continue to the last leveling of the 4-hour kijun at 1.0512. And, how about that? It matches nicely with my WR1 at 1.0509. The reversal will take us back on the journey towards the 1.0088 mark. The WS2 is 1.0059. We need a weekly close above 1.0088 or the UP turns into a chameleon
NZD/USD: The final objective of the drop at .7504 was hit last week, and then we had a monster reversal. The pair is expected to go lower, but for now it is going to be trapped in a MT consolidative correction. As far as this week is concerned, look for the drop to continue that ended last week to the 4-hour kijun at .7630, which matches nicely with my WS1 at .7613. The daily kijun is .8004. That may not get hit this week as the WR2 is .7889.
EUR/GBP: My level at .8502 was barely missed last week. It seems we have another assault on it with the strong reversal that ended last week. If we get there, then it will put it in no man’s land with regards to my S&R’s, as the WS1 is .8541 and the WS2 is .8487. Nevertheless, 8502 area could create a means for an explosion that will catapult the pair out of the cloud and back to the weekly tenken at .8706 and most likely higher.
EUR/JPY: The move south that ended last week should continue to the 4-hour kijun at 102.29, but the WS1 at 101.76 marks containment. From there, the move north will take the pair to the WR2 at 104.36 and possibly higher.
GBP/JPY: The move south that ended last week should continue to the 4-hour TK combo at 118.48, which matches nicely with the WS1 at 118.44. From there, the move north will take the pair to the WR2 at 121.30 and possibly higher.
