Weekly Review--120411
EUR/USD: This pair ended last week correcting the break of the 4-hour TL, and it is almost finished. The break was at 1.3337. The WS1 is 1.3312, so that level is worth watching. We should see another strong rebound after the dip has been complete. The journey back to 1.3705 and 1.3811 has not yet been complete. The WR2 at 1.3549 probably contains this week.
It was a tight week. A look at the 4-hour chart shows the WS1 and the WR1 at 1.3471 contained as the dip and peak were 1.3485 and 1.3281, respectively.
USD/JPY: There is a cluster zone from 78.51 to 78.95 that will take a strong weekly move to get through. If the WS1 at 77.62is broken, then it could be a very quick drop to the WS2 at 77.40.
The week started to the peak at 78.10, and then broke the WS1, and the hourly chart shows what a very quick drop it was as the pair kept on dropping all the way to 77.12.
GBP/USD: The WS1 and the MS1 are both 1.5504, so that contains for the week. The reversal will take the pair to the WR2 at 1.5769, and an additional move to 1.5795 could be expected.
The dip was 1.5560, then the pair reversed to the peak at exactly the WR2 at 1.5569.
USD/CHF: This pair ended last week moving north after a sharp break of the 4-hour TL. This corrective process is close to being finished, and the WR1 at .9281 should contain, before the reversal takes us back to the weekly kijun at .8941. That whole process may not be finished this week. MT, the thing to watch out for is the reaction at the weekly kijun. If it gives out, then the drop will be sharp. The monthly tenken at .9399 has not been hit yet, and it may be necessary in order to create the necessary thrust.
The WR1 did contain, as several candle spikes were the only things that penetrated it, as the peak was .9294. Other than that, the pair went sideways in a tight squeeze, as the dip was .9199.
EUR/CHF: Ever since this pair made the strong move on Sept 6th, movement has been tight with a slight upward proclivity. It is now in a strong decision point area. It has met up with the weekly DOWN TL, and it is a matter of time when this pair is going to put on another firework show. The WR2 at 1.2433 is worth watching.
The pair appeared to bounce hard from the WR2 as the peak was 1.2441., but it slowed down just as quickly as the 4-hour cloud contained the move and the dip was 1.2311.
AUD/USD: The 4-hour kijun 1.0095 should contain the initial move south. Afterward, the move north should continue to the WR2 at 1.0467, and possibly a little beyond that. After this next upside is completed, this pair is in for another magnificent collapse.
The WR1 at 1.0358 contained, as the peak was 1.0379. From there we had a sharp break to the dip at 1.0048, just 15 pips under the WS1.
USD/CAD: The moved that ended last week going north will continue to the WR1 at 1.0291. The daily tenken at 1.0036 will contain, or we head to the WS2 at .9985. At that point, the pair is trapped in the cloud, and then it heads much lower.
The dip was 1.0051, and the peak missed the WR1 by 30 pips at 1.0261.
NZD/USD: Extra strong containment to the upside is seen at .7956. That is going to yield a reversal with strong teeth. The WR2 is .7969, so that could be accomplished this week.
As it turned out the WR1 at .7865 contained, as the peak was .7877, and then the strong reversal took the pair to the dip at .7635.
EUR/GBP: This pair is trapped. It seems to want to move higher, but cant get the traction. The problem is if it keeps messing around in the low .8500s, the bottom is going to give out and it will be in for a long drop. If it heads south to start the week, then the WS2 at .8533 should contain. The reversal takes the pair back to the WR1 at .8612, and possibly the WR2 at .8639.
The WS2 did not contain but the dip was only .8495, and the peak was exactly the WR1 at .8612, so it remains trapped.
EUR/JPY: If there is a strong break of 104.08, then this pair goes sideways all week. There is cluster S at 103.69 that is also my WS1, so it should contain. Even though sideways movement would be on the agenda this week, there is still enough room for it to move to the WR2 at 105.85, or the bottom of the cloud at 106.15.
The pair broke loose of the cluster S and missed the WS2 by one pip as the dip was 102.99. That accomplished after the peak was established at 104.98.
GBP/JPY: The WS1 at 120.79 seems a little too deep for any move south this week. This pair has its eye on the WR2 at 123.05, with a projected continuation to 123.32123.82.
A look at the daily shows this pair went due east last week. With a dip and peak at 120.91 and 122.28, respectively.
