Weekly Forex Forecast (Week of 13 June, 2010)
Forex Weekly Forecast for the week of 14 June 2010
Forex market analysis published on 12 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 | 1.2443 | 1.4757 | 93.87 | .8866 | 142.04 | 115.41 | |
| SP2 | 1.2323 | 1.4644 | 92.86 | .8720 | 138.90 | 113.83 | |
| SP3 | 1.2167 | 1.4554 | 92.25 | .8590 | 136.38 | 112.25 | |
| SP4 | 1.1932 | 1.4384 | 91.14 | .8346 | 129.90 | 109.62 | |
| SP5 | 1.1759 | 1.4293 | 90.52 | .8233 | 126.76 | 108.18 | |
| SP6 | 1.1613 | 1.4232 | 89.86 | .8152 | 123.62 | 106.57 | |
| Trend | Down | Down | N/A | Down | Down | Down | |
| Flow | Up | Up | Up | Up | Up | Down |
EURUSD: Closed the week on the 50% fib from the weekly up-trend (October 2000 – July 2008). There is a lot of Fibonacci confluence on SP1-SP3. Watch for tighter ranges in all of the majors resulting from thin summer session trading.
GBPUSD: Closed the week on a significant level. Price is currently supported by a confirmed 4 hour bullish trendline. I’ll definitely be watching for breaks below SP4. Summer trading makes me want to trade Shorts from SP1 and Longs from SP6
USDJPY: I’ll be looking for harmonic patterns on the SPs this week. USDJPY is not in a committed trend by my definition and can be traded in both directions on all timeframes.
