Weekly Forex Forecast
Jun 3rd, 20101 Comment
Forex Weekly Forecast for the week of 7 June 2010
Forex market analysis published on 6 June 2010. SPs are are SWING POINTS. These are prices at which I am looking for trade setups.
| Data | EURUSD | GBPUSD | USDJPY | AUDUSD | EURGBP | GBPJPY | EURJPY |
|---|---|---|---|---|---|---|---|
| SP1 | 1.2460 | 1.4717 | 93.35 | .8578 | |||
| SP2 | 1.2332 | 1.4608 | 92.87 | .8458 | |||
| SP3 | 1.2147 | 1.4534 | 92.13 | .8316 | |||
| SP4 | 1.1749 | 1.4411 | 91.23 | .8066 | |||
| SP5 | 1.1642 | 1.4332 | 90.75 | .7899 | |||
| SP6 | 1.1396 | 1.4258 | 90.03 | .7702 | |||
| Trend | Down | Down | N/A | Down | |||
| Flow | Down | Up | Up | Down |
Look for confirmed reversal signals or breakouts on the SPs. Most currencies are weak versus the USD, so I’ll be buying dollars this week until the market reverses.
I expect a EURUSD bounce early in the week, and certainly off of the SP4 level. Do not discount the possibility of this pair breaking parity. It CAN happen and DOES happen. Remember, price is never too slow to start selling, and never too high to start buying. It’s just not prudent to add short risk to an ascending price.
