Weekly Forecast--103011
EUR/USD: The WR1 is 1.4270 amd it is doubtful this pair will make it that high this week. Look for the downtrend that started on Friday to continue throughout this week. Both the WS1 at 1.4018 and the WS2 at 1.3892 present cluster events. The other level to look for is 1.3966, as that is the combination.
USD/JPY: This pair is still waiting for the breakout, as it has been very tight for it lately. Bearing that happening this week, look for the WS3 at 75.00 to contain on the downside. On the trip north, look for the WR2 at 76.27 to contain, but if it dont look for a strong move to the WR3 at 76.64 to be hit in a hurry.
GBP/USD: The correction to the MT move north has not begun yet, but it will this week. The WS2 at 1.5970 represents a cluster event and will contain this week. Price action this week will say a lot as to which way this pair will go in the near future.
USD/CHF: There is strong R ay the WR1 at .8713. Because of the infancy of the correction, that R figures to be broken. The WR2 at .8799 should contain. MT, this pair is still headed much lower.
EUR/CHF: Its been getting tight for this pair of late. Its still due to break out for its correction. This week the top of the daily cloud at 1.1930 will contain if it makes it that far. After all, the WS3 is only 1.2055.
AUD/USD: This pair is headed back to the daily TL, currently at 1.0575, which is also making for a perfect confluence with my WS1. If that is broken, then it means an abrupt fail to the WS2 at 1.0451, and then we get a correction from that point.
USD/CAD: I had been talking about this pair when it first began the drop that we could get a move all the way back to the .9500s. That move is coming along nicely, but this week the first correction of any significance could take place. The two levels to watch will be the WS! And WS2 at .9828 and .9741, respectively .If price action makes it to the latter, hen it will form a nice confluence with the bottom of the weekly cloud. Also, if it makes it to the latter, then we will have to wait until next week before we see the first bullish weekly candle in what will be 5 weeks.
NZD/USD: There is little doubt that the weekly tenken WS2 combo at .8019 is going to be containment for this week, and that is if price makes it that low. MT, this pair has strong momentum north on the weekly, and is headed to at least .8384, most likely much higher.
EUR/GBP: In the last Weekly Forecast, I talked about how this pair is headed back to .9000. There was a strong thrust on Thursday that added momentum to the outlook. In order for the clear view back to .9000 to be maintained, the top of the daily cloud at .8706 needs to contain, and we need a weekly finish above .8746.
EUR/JPY: This pair could be in for some consolidative price action this week. The correction that began on Friday should continue to at least 106.60, but be contained at the WS1 at 106.27. If that is broken convincingly, then it is time for reevaluation, because, MT, this pair appears headed to 100.27.
GBP/JPY: Ive mentioned this quite a lot about this pair in the past, but Ill do it again. The weekly TL is getting another test, and it is due to give out. Current level is 123.03. Considering the WR2 is 123.27, it may not happen this week, as it is probably due for a correction to start the week. Nevertheless, it is forthcoming, as we see a move back to 126.93. The move to the bottom of the weekly cloud at 131.13 may now be a little too aggressive of a target because of the severe time lag.