Archive for Weekly Outlook
USDJPY Jun 25 to Jun 29 Outlook
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Lawrence’s Comment
Y-1 holds and news shock from Japan forced the continuation rally to resume. Tagged Y+2. Closed the week near the high of the week.
Outlook
Support zone confirmed. Continue to look for long only.
USDCAD Jun 25 to Jun 29 Outlook
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Lawrence’s Comment
Consolidation week. Failed to take out Y-0 in beginning of the week gave us a flush below Y-1. Yet quickly bottom out and popped above Y-0. Closed the week, however, below Y-0 and above midpoint.
Outlook
Staging a potential higher lower Y-1 to B-0. If that materialized, this pair can go a lot higher.
Dow 30 Jun 25 to Jun 29 Outlook
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Lawrence’s Comment
Zoomed higher in early part of the week due to rumors. Once Y+1 area failed to hold this market up, it slided back down to the strong support zone of Y-0 quickly. Closed the week above Y-0.
Outlook
As long as Y-0 stays as support for this market, B-0 should be retested. Clearing B-0 will give us B+1 quickly.
GBPUSD Jun 25 to Jun 29 Outlook
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Lawrence’s Comment
Rallied a bit more to the upside and fulfilled the upside target as mentioned last week. News shock later in the week sent cable back down to Y-0. Closed the week near week low and Y-0.
Outlook
Cable is sitting at the bottom of an upchannel. Depending the timeframe you use, it can be either sitting at the support or already broken and right below that.
Early next week if cable can pop back above B-0, then another leg going higher to above B+1 is likely.
If cable spends a lot of time around B-1 and only drift up to B-0, it is likely the short term uptrend is over and a stronger pullback is due with target at B-2 or lower.
EURUSD Jun 25 to Jun 29 Outlook
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Lawrence’s Comment
Completely news driven. Euro simply zoom to the nearest target and then wait for the next news shock. Closed the week at Y-0 below midpoint.
Outlook
As long as B-0 stays as resistance, B-2 is in play.
Still a news driven market. Not much expectation from the pair for swing trade.
Nasdaq 100 Jun 25 to Jun 29 Outlook
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Lawrence’s Comment
Initial gap down in beginning of the week did not stop NQ from zooming higher to the Y+2 / Y+3 target. Yet NQ failed to hold at Y+2 and going higher due to news shock from Euro zone. As upside is rejected, NQ has to move back all the way down to week low to look for support. Closed the week above Y+1 but below midpoint.
Outlook
As long as B-1 acts as support, it is likely B-0 will be tagged. B+1 should not be a problem if Euro zone stop feeding out bad news.
S&P 500 Jun 25 to Jun 29 Outlook
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Lawrence’s Comment
Cleared Y+1 early in the week and tagged target Y+2 as expected. Bad news produced a shock taking ES back down to Y-0. Closed the week above Y-0 but below midpoint.
Outlook
News driven market. Consolidation with moves zooming to nearest price levels whenever news shock happens. No real direction.
Swing pattern based, as long as B-1 holds, ES should go higher with minimal target at B+1.
AUDUSD Jun 25 to Jun 29 Outlook
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Rally continued until Y+2 is tagged. News shock from Euro zone induced a sharp selloff back down to above 1.00, slightly higher than Y-0. Closed the week above Y-0.
Outlook
Since Y-0 is not breached, it is likely we get at least a retest of B-0.
Failured to push above B-0 will lead to a drop to B-2.