Archive for Weekly Outlook
AUDUSD May 21 to May 25 Outlook
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Lawrence’s Comment
No quick drop and bounce. Just slow motion selloff all the way. Paused at Y-2 but failed to bounce at all. Ended the week after tagging Y-3 and closed near week low.
Outlook
We are seeing a very rare type of breakdown selloff where longs do not give up at all at every lower support level. Everyone is trying to trade out of the drop (i.e. averaging down). This is not a good sign.
Long term basis I will not be comfortable going long until after Aussie can find support around 1.0 area.
For next week, a bounce points to a test of B-0 and failing to clear that points to B-2 in play.
GBPUSD May 21 to May 25 Outlook
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Lawrence’s Comment
As mentioned last week – cable was sitting at a tricky area. Instead of a bounce and drop, it simply dropped and cleared 3x previous week range before it stopped. Closed the week at Y-5.
Outlook
B-0 and Y-1 are the 2 targets on the upside. I am not betting on that.
Hands off swing trade on the pair until I get a better setup on 4 hours.
USDCAD May 21 to May 25 Outlook
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Lawrence’s Comment
As expected the rally continues. Y-0 acted as support and forced a strong breakout to Y+3. Closed the week near week high.
Outlook
Short term bottom in place. Long bias until 1.08 is tagged.
Next week, however, is more likely to consolidate near B+1 with 50% range of previous week.
Dow 30 May 21 to May 25 Outlook
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Lawrence’s Comment
Pressed at B-1 in the beginning of the week killed the rally potential. Y-3 tagged and no support is found. Closed the week near week low.
Outlook
Similar setup like last week – must find bottom early in the week for rally potential. B-0 to Y-2 is first upside target.
EURUSD May 21 to May 25 Outlook
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Lawrence’s Comment
Total breakdown since the start of the week. Tagged 2X previous week range and bounced on exhaustion. Closed the week at midpoint.
Outlook
Looking for short term bottom early next week. Multiple downside objectives are completed.
Any rally, however, will likely be capped at 1.30-1.31.
Nasdaq 100 May 21 to May 25 Outlook
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Lawrence’s Comment
Upside triangle mentioned last week broken down to the downside and never recovered above the resistance line. Collapsed 120+ points to Y-4 and closed the week at week low.
Outlook
Extreme range expansion likely leads to wild sideway actions. 2-way market is good for daytrading but not good for swing setup.
Looking for 50% range of previous week around B-1.
S&P 500 May 21 to May 25 Outlook
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Lawrence’s Comment
No rally in the beginning of the week sealed the downside move to Y-3. What I did not expect was that bounce actions were so weak on Thursday and Friday. Closed the week at the week low.
Outlook
Been a long while for such a bearish trend sell week to happen.
Not looking for a lot more down side as sellers could be exhausted temporarily. Consolidation week with 50% range of previous week is the likely outcome.
USDJPY May 21 to May 25 Outlook
Posted by: News Robot | Comments (0)Lawrence’s Comment
Y-0 acted as support and we got the breakout to Y+2. But the rally did not last. Y+1 not even acting as support when news hit and flushed. News shock points to the other extreme which is Y-2. Ninja tagged there and closed the week at its low.
Outlook
We cannot predict news shock but we can react to that. The selloff can be the making of a w. spring, or, a real melt down, so no bottom picking for sure.
Very interested in how next week ninja will behave. Early week buy setup above B-1 will send the pair back up to B-0 quickly.