This past week saw many markets settle down from some strong trends from the previous weeks and start to consolidate and prepare for the next moves. This coming week will be all about the FOMC due out this Wednesday. Most markets will probably look to move sideways to just small trends until after the FOMC.
USDJPY completed a strong move down this past week and consolidated at the bottom of that move for the past couple of days setting up for a reversal back up. What this coming reversal back up is going to be is the question. In the main scenario (blue labeling), that drop last week was the small wave (1) of the larger wave (v). So following that scenario, that would mean that this coming retrace back up should be the small wave (2) of (v). In an ALT scenario, there is a contracting triangle wave (iv) still forming and this coming move up is the finishing leg E of that triangle. In either case, there should be a move up coming.
Read my FULL MONTHLY Analysis recently posted: (F) USDJPY: FULL Monthly Analysis: Consolidation Before Another Move Down
DAILY CHARTS (Previous week vs. Past Week)
You can see how prices dropped straight down the previous week and this past week, that drop ended and prices just consolidated at the bottom of that drop. This also formed the D point of the ALT triangle.
AUDUSD Last week saw AUDUSD complete a strong retrace back up of a powerful and long trend down. But the last 2 days saw a drop begin which is a retrace of that retrace of the big trend down. So this week, we should see a completion of this smaller retrace down and see another move up begin as part of the continuation of a move higher started early last week.
Read my FULL MONTHLY Analysis for more details: (F) AUDUSD FULL Monthly Analysis: Setting Up To Move Higher
(Previous week vs. Past Week)
Previous week saw a reversal begin and this past week, it continued to move higher as predicted. It has not reached the point where I am expecting the wave (b) to end as on the chart.
USDCAD dropped out of that trading channel dramatically without completing another leg. Now that it has dropped out, it should be looking to head lower in the next days/weeks up into the FOMC.
(Previous week vs. Past Week)
GBPUSD started heading down 2 weeks ago and this past week saw it accelerate and explode down. I had been standing aside since I wasn't so clear as to what it was to do until this explosion down made things VERY clear! It basically has invalidated my near term outlook BUT in actuality, it has now made my longer term outlook even MORE CLEAR! We may see the start of that BULL move higher starting this week after the FOMC and then accelerate into the Brexit vote.
I have now posted a new REANALYSIS on this pair with my revised wave count and outlook: (B) GBPUSD: Hold Onto To Your Lunch! The Rocket Is Soon To Launch! (Paid subscription required.)
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