Weekly Review--101611
EUR/USD: The WR1 is 1.4015. From the recent dip the annual cycle range will take us to 1.3972. Considering the MT forecast, these numbers are suggesting, especially the former, this pair is in for a reversal, and its imminent. Currently, there is still plenty of momentum to keep pushing the pair north.
The pair did push higher but is struggling at the current level as the peak was 1.3913
USD/JPY: This pair has finally hit a decision point. The best case scenario is still to see a break north in order to build up momentum for the eventual ride deeper south. A weekly close above 78.07 suggests we are headed back to the 80.00s.
The bottom of the daily cloud, once again, contained for a hard bounce as the peak was 77.44 and then reversed to an all-time low at 75.79.
GBP/USD: There is still plenty of room and momentum to head further north. The weekly tenken at 1.5942 and the weekly kijun at 1.6006 are both cluster events, and the latter will also be a decision point. A weekly close above it, and we are headed back to the 1.6200s.
The former proved to be formidable, but the pair made it on the other side of it on Friday as it peaked at 1.5971.
USD/CHF: Have you heard about me talking about this pair lately? Circa .8812 will be strong S. If broken on the 1st try, then it will act like dynamite to thrust the pair to .8512. Most likely, .8190 will also be hit.
It took all week to get there, but the pair made it to the dip at .8804.
EUR/CHF: This pair is biding time for its breakout. The bottom of the weekly cloud is 1.2964. Even though this market will make it there, eventually, it is doubtful it will make it there on this leg. The reversal figures to be very strong. Minimum downside objective is 1.1716, which is the weekly tenken, and the kijun at 1.1518. There are no overwhelming indications of a directional path for this week, even though it is not out of the question to see another leg north this week, but do not count on it.
The reversal may have begun, as the pair has shown a strong weekly reversal candle, even though movements were volatile. The dip was 1.2204
AUD/USD: The top of the daily cloud at 1.0501 is just as doable as the bottom because it is so thin. The WR1 is 1.0510, so that area makes a nice confluence to signal a possible reversal.
This pair ended the week at the peak, 1,0375, as it went sideways in an effort to make the climb further.
USD/CAD: The recent surge to the 1.06s is starting to look as if it is a MT broad range consolidated move since the break of the daily TL at .9593. If that is the case, then this down move still has a ways to go. For now, I am looking for a move to the weekly kijun at 1.0031, and then the bottom of the cloud at .9848. The latter would signal a reversal or a another consolidated move that will bring the drop below .9593. The WS1 and WS2 are 1.0017 and .9937, respectively. It appears as if price action will give both of them a visit this week.
We came 10 pips from the weekly kijun, as the dip was 1.0041.
NZD/USD: There is solid R at .8152, which is the combination of the weekly TL and the kijun. Add to that my WR1 at .8152. If that area is broken convincingly, and then there will be a very strong move to the bottom of the weekly cloud at .8304, after taking out the WR2 at .8260 along the way. The bottom of the cloud contains for another strong reversal if the .8154 area does not hold.
The pair went sideways, as it consolidated under the aforementioned level, as the peak was .8064.
EUR/GBP: There is lots of R between .8805 and .8825, if that area does not contain, then .8861 will for a strong move back to the DOWN.
The peak was .8799 on Monday, just 6 pips from the aforementioned level, and then reversed to the dip at .8668.
EUR/JPY: After the strong move last week, this pair is getting the squeeze put on it. Unlike many fresh clouds that contain, because of the thinness and the timeliness by which it was approached, this one may not. We will possibly see a move to the current cloud top at 108.66, then get a bounce back to 106.65, and then a move to the top of the daily cloud at 110.80, which matches nicely with the DOWN TL on the weekly. If this consolidation takes long, then the final move could be limited to 108.71, as the cloud is descending quickly. The weekly levels that should be hit are 108.51, WR1 and the WS1 at 105.86.
The sideways move was a little premature as the peak was 107.66 on Monday, then reversed to the dip at 104.75 on Tuesday, then went sideways the rest of the week.
GBP/JPY: Strong momentum indicates that the WR2 at 124.05 and the WR3 at 125.67 should be on the radar this week. Watch for reaction at the latter. If price starts getting comfortable at that level, then we should see a move to the bottom of the weekly cloud at 131.35.
I was wrong concerning the strong northward momentum as the peak was 122.60, and the dip was 119.95.