Weekly Forecast--121811
EUR/USD: As long as this pair stays above 1.3010 this week, there should not be an issue with this week marking the beginning of the new trend. If that level breaks, then there is still danger of a fall to the WS1 at 1.2917. Even the 4-hour chart looks tough. A fresh kijun currently at 1.3106 waits to impede progress, then the WR1 at 1.3155, then a fresh cloud which should be at circa 1.3189 by the time it gets there. If it makes it to the WR2 at 1.3274, then next week it should be easier going for the pair
USD/JPY: My data for this pair goes back to Feb 1992. Last weeks range of 59 pips marked the low for that entire period. Thats how inept things are getting for this pair. There are no real trading opportunities here. Even though the pair is caught in an updraft, 78.10 could be hit, but it looks like it could blow the hourly off the chart. zzzz
GBP/USD: The strong finish that ended last week should continue, but briefly. The WS1 at 1.5476 needs to contain any correction. As long as that is the case, then the WR2 at 1.5684 should be visited.
USD/CHF: MT, .8948 still looks like a reasonable target. The main level to look for his week is .9249. A strong break of that, and it could put .8948 on the radar. It will take a runaway freight train to break it on the first try, because my WS1 is .9267. If .9461 contains the upside, then it is still a matter of time when that will happen.
EUR/CHF: It is not too often than at the beginning of a reversal after a lethargic market the polar 3 is on the radar, but this is one of those weeks. The WS3 is 1.2009, and it should be hit this week. The key level to watch for on the way there is 1.2129. That is the 2 on a 1-2-3 on the weekly. It will also amount to extreme stochastic divergence next to a very bearish cloud.
AUD/USD: If the outlooks are correct thus far, then the Aussie crosses are about to get crushed this week. For that not to happen, then this has to be a volatile week for this pair. Ill just give the view the way I see it on the charts. The bottom of the daily cloud is 1.0070 and the WR1 is 1.0066. That are should contain any move north this week. There is still very strong momentum pointing south, and .9793 is key S. If that is broken, then we are safely in the DOWN and heading towards .9572 and even beyond that. Considering the WS2 is .9775, that scenario could prevail.
USD/CAD: Even though LT speculation says we are headed to 1.1085, this pair does not seem to have any interest or urgency in getting there. It still appears this pair is going to finish what it started at the end of last week and thats its move north. Look for WR1 at 1.0441 to contain, or even the MR2 at 1.0481. Key levels to the up and down are 1.0470 and 1.0058. Either one of those levels taken out convincingly, then we have a strong move, which means either we are back in the LT move north, or back in the consolidation at sub-parity.
NZD/USD: Unlike its cousin, the AUD/USD, this pair has much more room to breath on top. Any move south needs to be contained by the WS1 at .7528, or like many of the USD pairs, the outlook becomes a little confusing. As long as that is the case, then it appears the WR2 at .7768 is clearly on the radar.
EUR/GBP: There is now little doubt this pair is headed to .8167, and the quicker it gets there, the better. If it arrives quickly, then it provides the means for an explosive reversal. There is still plenty of room and move for a downward thrust to happen this week. It is expected the WS2 at .8287 will be hit. I would treat that as a decision point for what will possibly follow afterward.
EUR/JPY: This pair is still getting strong pressure to continue south from the monthly and weekly, but there appears there is going to be some restraint this week. The WS1 at 100.66 and MS2, 100.64 area probably contains, as the pair prepares for a move that should take it back to at least the MS1 at 102.48, and even the WR2 at 103.05.
GBP/JPY: This pair should finish off what it ended last week and that is the completion of its move north. There is very strong R in the WR1 area at 121.36. Unlike its cousin, the EUR/JPY, there is greater potential to the downside as the WS2 at 120.13 could be hit, and could go even lower than that.