EUR/USD: It appears there will be more of the same for this pair this week, except it could be tempering its attitude a little. The following week, it should start showing signs of exhaustion, and then the huge reversal will be imminent. For this week, a correction could be seen to the hourly bottom of the cloud at 1.2820. The WR1 is 1.2822, so that will make for a nice containment area. It would still pay to watch for a reaction once arrived at that point. WE have a chance of the WR2 at 1.2925.
USD/JPY: This pair is boring me to death. It’s almost like when I know I have to forecast it, I cringe. The low down is simple. I will say this. When it does break out, it could catch us all napping. When there is a double-digit range for the week, it’s not good.
Okay, enough dirty laundry. We head to the WS2 at 76.55, and then the WR2 at 77.35. Some excitement could begin for this pair if the WS2 is taken out convincingly.
GBP/USD: Similar to its cousin, the EUR/USD, we are getting close to a MT correction. By the looks of things, this pair’s move south could be over this week, especially if the WS2 at 1.5264 is hit. That is the favored scenario with the bottom of the 4-hour cloud WR1 combo at 1.5506 capping off the move north this week.
USD/CHF: With the break of the weekly cloud, it means this pair is heading higher. It still forewarns that in 3-4 weeks a big drop is due. What is now a bearish cloud will drop even lower which will tip the pair’s altimeter. At the beginning of the week, expect a correction back to the WS1 at .9473, and then it will shove it in gear for the WR2 at .9703. I’m expecting another circa 200-point move north from there before we see the MT reversal.
EUR/CHF: This pair is behaving similarly to the USD/JPY. Watch for the WR2 and the WS2 at 1.2181 and 1.2113 respectively. It will probably head south to start the week.
AUD/USD: This pair is making things even more interesting for the Aussie crosses. While most of the USD pairs, the USD looks strong, against the AUD the USD still looks weak. There is going to be very solid MT containment at 1.0484, and it still appears that level is going to be hit, before the reversal. For this week the daily kijun appears to be solid containment at 1.0123, which is also the WS2 . From there the move north should land at the WR1 at 1.0282, and maybe the WR2 at 1.0333.
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