Archive for Weekly Outlook
AUDUSD May 28 to Jun 01 Outlook
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Lawrence’s Comment
Exactly as expected – failed to clear Y-0 and flushed to Y-2. Closed the week below Y-1.
Outlook
Still trapped inside the down channel. Second half of the week going sideway in the lower half of past week points to further weaknesses.
The problem is that how far can Aussie keep dropping like this.
I am looking forward for the sign that Aussie can w. spring soon. Flush below B-1 to near B-2 and immediately bounce back above B-1 is one such scenario. If we get one, Aussie can zoom back up to Y-0 / B+1 easily.
GBPUSD May 28 to Jun 01 Outlook
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Lawrence’s Comment
Consolidation around Y-1 and 50% range of the week before. Closed near the week low.
Outlook
No clear swing formation to lean on. Even last week I can tell that you cannot bet on the long side. This week cable is sitting at a dangerous zone where it can swing violently.
Will be difficult and I will stay away from the pair this week.
EURUSD May 28 to Jun 01 Outlook
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Lawrence’s Comment
Cannot even get pass 1.28 and then euro zone sending out more bad news. Y-1 failed to act as support and euro ended up flushing down to Y-2. Closed the week near the low.
Outlook
Any w. spring from here points to a bounce to around Y+1.
Continuation sell target is Y-3 / B-2. Bounce from there gives us B-0.
USDCAD May 28 to Jun 01 Outlook
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Lawrence’s Comment
Consolidation around Y+1 with 50% range as expected. Closed the week at the week high.
Outlook
No real weaknesses showing in the chart yet. Sell setup on 4 hours can send this back down to B-2 slowly over several weeks but not likely.
Like to so a bit more consolidation before this pair goes higher.
Dow 30 May 28 to Jun 01 Outlook
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Lawrence’s Comment
Early part of the week rallied to Y-0 as expected. But then news shock sent Dow straight down to Y-1. W. spring off Y-1 pushed Dow back up to Y-0 but it can no longer move above Y-0 since. Closed the week at midpoint.
Outlook
Coil up pattern. Break out above B+1 will zoom Dow back up to B+2.
Otherwise another week of consolidation is likely.
Nasdaq 100 May 28 to Jun 01 Outlook
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Lawrence’s Comment
Stronger than expected bounce led to tagging Y-0. But that was all we got. Closed the week near midpoint.
Outlook
Coiled up formation means breakout in the making. Focus on the first directional move taking NQ out of the range.
Upside breakout points to B+2 and downside breakout points to B-2.
S&P 500 May 28 to Jun 01 Outlook
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Lawrence’s Comment
Bounced slightly stronger than my expectation. Tagged Y-0 but failed to hold above the midpoint. Trapped within the range all week since. Closed the week above midpoint.
Outlook
Breakout mode. Above B+1 looking for B+2 and B+3. Below B-1 quick dump to B-2 and then B-3.
USDJPY May 28 to Jun 01 Outlook
Posted by: News Robot | Comments (0)Lawrence’s Comment
As stated last week, “Early week buy setup above B-1 will send the pair back up to B-0 quickly”. Did it but that’s all we got. Closed the week at midpoint and below Y-0.
Outlook
Inside week with lower midpoint. If it were swinging normally I would say breakout with downside continuation bias.
But it was not normal – 3 news shocks over 2 weeks formed a big triangle. Breakout upside points to quick run to Y+1 / B+2.
Keeping an open mind on this one.