Archive for Weekly Outlook
AUDUSD Jun 11 to Jun 15 Outlook
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Lawrence’s Comment
Hold support and took off. Easy as pie. Blasted through Y+1 and closed the week at Y+1.
Outlook
Long term bottom likely in place (at least in the making). Y-0 area is strong support. Will look for long only.
USDJPY Jun 11 to Jun 15 Outlook
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Lawrence’s Comment
Intervention as expected. Forced ninja back up to Y+1 before it stalled. Closed the week near week high.
Outlook
Consolidation after 2 weeks of wild swings is likely. As BOJ and Japanese government showed their hands, the directional bias is up and that B-0 likely to become strong support.
GBPUSD Jun 11 to Jun 15 Outlook
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Lawrence’s Comment
Early in the week a try to drop resulted in 1-2-3 buy. That in turn forced cable to run back up to where the breakdown started around 1.56. Closed the week at midpoint.
Outlook
Inside week and closed near midpoint means indecision. Time to wait for a breakout.
EURUSD Jun 11 to Jun 15 Outlook
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Lawrence’s Comment
More news from euro zone popped euro back up to B+1 but that is all they could mustard up. Closed the week at midpoint.
Outlook
Indecision. Breaking in the making. If no intervention, the likely breakout direction from coil up is continuation (to the downside).
Dow 30 Jun 11 to Jun 15 Outlook
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Lawrence’s Comment
Tricky start. Monday breached Y-1 and looked as if it cannot hold above Y-1. Then a gap and go run to search and destroy all the shorts from the past several weeks. Rally finally stopped at the gap above and stalled back down to Y-0. Notice how that turned into support and forced Dow to go back up to retest the gap. Closed the week at week high.
Outlook
Gap fill above likely as long as good news are fed out from Europe. Y+1 to B+2 should should not be a big problem. B+1 turning into support is important for bullish scenario to continue.
Nasdaq 100 Jun 11 to Jun 15 Outlook
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Lawrence’s Comment
Breached Y-1 to the downside as expected. News shock after sent shorts scrambling to cover. 100% range expansion and stalled. Held Y-0 as support. Closed the week near week high.
Outlook
Early next week if B+1 / Y+1 turned into resistance will send NQ back down to B-0 quickly. And it is not necessarily the start of a downtrend.
Otherwise, looking for a drift up to above B+1.
S&P 500 Jun 11 to Jun 15 Outlook
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Lawrence’s Comment
Similar to Dow, the bear trap built on Monday caught many bears by surprise and forced them to give up. The gap above, however, capped the rally. Bounced off Y-0 and closed the week near week high.
Outlook
Any positive news will send this through the roof as shorts from past several weeks are all at best selling around B+1 / Y+1. Bears are trapped on weekly timeframe.
If the gap can act as resistance once more, a slide down to B-0 is likely.
USDCAD Jun 11 to Jun 15 Outlook
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Not even tagging 1.05 and stalled right off previous week high. Dropped down to Y-1 and bounced back to Y-0. Closed the week below midpoint.
Outlook
Pullback as expected. The big question for this week is whether a swing low can be produced early in the week. If Y-1 / B-1 acting as support, the next wave to push this pair up can go a lot higher.