(F) 23RD - 27TH MAY WEEKLY WRAPUP & UPDATES (PART 3)

I release a Weekly Wrapup & Update every week to all my subscribers on my website. I am re-posting it here but in a limited form due to posting restrictions. I am also splitting this post in parts as it is too long to post in one post. So this is Part 1 of this post. Look for Part 2 if you have interest in seeing the rest of it. If you want the complete post including more detailed 4HR charts, please go to my website to get it. Weekly Updates are free.

NZDJPY is another pair that has just been in some very confusing sideways consolidation lately. But it is showing signs of a breakout coming. A breakout to the upside. There is a large descending triangle that is forming as you can see on the Daily chart. So this expected move higher should be targeting the upper LT of that triangle at the least. We are already LONG in this pair and in profit. We will be holding for more. See my recent FULL analysis post on this pair for details: (P) NZDJPY Monthly FULL Analysis: Is It About To Break Clear Of The Noise? (Premium subscription required.)

AUDJPY Ok, so last week, I told my members to watch for a ED to complete to get LONG for a move up. Well, that time is here and now is a good time to start looking for a place to get LONG. This will be a retrace of that drop down in what I see as a wave (iii) of 5. Since this should be a wave (iv), it is not known how far it will retrace to but a good target maybe that down trending TL on the Daily chart. See my just released FULL ANALYSIS post on AUDJPY: (F) AUDJPY FULL Analysis: Large, Wide Consolidation Zone Maybe About To Break! (Free post No subscription required.)

USOil Last week, Oil continued it's rise and finally hit that $50 mark that I had predicted it would hit weeks ago. We picked up THOUSANDS of pips on this move towards $50 if you were a member. But now that it has reached the $50 mark, what I see is that there will be a small pullback before we see it head on higher. Last week, I showed that prices had formed a diagonal. But what is not clear is whether that is a ED or a LD. Nevertheless, we sold off the completion of that diagonal and pocketed a few more hundred pips. But now I am leaning towards it being a LD and that we will be seeing higher prices. See my recent FULL analysis post on this pair for details: (F) USOil FULL Monthly Analysis: Strong Bullish Signal Could Lead To Higher Prices (Free analysis. No subscription required.)

GBPAUD What can be said about this pair that the chart hasn't already said? From the point I said that the wave (A) had ended and we bought this pair till now, it moved over +2200 pips in a little more than a month! That is what you call a SUPERTREND! Well, last week saw it continue it's consolidation at what I am seeing as a top and the end of the wave (a) of the larger wave (B). We should be seeing a wave (b) retrace back down soon. And we are already SHORT waiting for this to happen.

XAUUSD (Gold) Last week, Gold took a nosedive dropping over 400 pips! From the time I warned about a completed EED in this pair predicting that Gold was about to fall to now, it has dropped over +1100 pips! But this drop is about to come to an end. When it does, that will setup a nice opportunity to grab pips on the retrace.

Comment:

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