5 more for 2012
USD/CAD: I mentioned in this weeks Weekly Forecast that 1.0059 is on the radar. That could end up being the key mark for the whole year. If it contains, then the dip we saw to .9891 from the recent peak at 1.0656 will be it, as we see the rise to the bottom of the monthly cloud at 1.1059. The YS1 is .9836 and the YR2 is 1.0948, so if 1.0059 contains, then the bottom of the monthly cloud is well within range.
NZD/USD: This pair is moving higher to start the year. The combination of the monthly tenken and weekly kijun at .8106 is a strong confluence of R. With the YR1 at .8287, that zone should be the extent of the move north for the year. As long as that is the case, then well say the move to the monthly cloud top at .6850. The YS2 is .6742.
EUR/GBP: I gave away part of this forecast for 2012 in the Weekly Forecast. Expect containment on the downside for the year to be the YS1 at .8111. The reversal will take the pair to at least the YR2 at .8768. There should be a move beyond that mark. The decades S2 is .8145, so that is going to be a very explosive area. The dip to that area looks like it could be it for the whole decade, as most likely the LT rise will take ascent to the decades R2 at .9585.
EUR/JPY: This is going to b a little different, but I have to report what I see. Ive been saying this pair is going to drop to the low 90.00s, and that has been a target for a long time. This is the year it is going to happen. The only problem is the YS1 is 93.03, which is not deep enough, and the YS2 is 86.48, which conjecture tells me it is too deep. If I take 50% of the distance of those 2 points, then I get 89.76, so that is the level I am going with.
GBP/JPY: Watch for 117.68. The mark will be broken this year, and when it does, it will bring a quick drop to the YS1 a 113.01, and then well see the drop continue to the YS2 at 106.53.