Monday | July 11, 2022 | 10:30 AM PST
This means that, if and when the structure justifies it, you are looking to buy the following pairs: AUDJPY, AUDUSD, GBPJPY, GBPUSD, USDCHF and USDJPY.
You are looking to sell: USDCAD
You are not looking to do anything with EURGBP because it is not clear whether the eight-hour baseline is about to reverse direction and head north, or if it will ultimately continue it downward trajectory. (Nonetheless, it would make sense for it to head north if, after trading opens this week, it remains at the bottom of the weekly price range.)
UPDATE: EURGBP is NOT at the bottom of the weekly price range in that this number has dropped down to 0.8396 at the open.
Nor are you looking to do anything with EURJPY or EURUSD given that both of these pairs evidence a neutral eight-hour baseline.
COMPARING AND CONTRASTING
Friday's forecast with what actually unfolded on Sunday and Monday...
At the start of the week, the eight-hour temporal support level for
USDCHF dropped down 7 pips from 0.9756 to 0.9749. But from there, the resistance level held, with the rate climbing as high as 0.9842, a maximum potential profit well of about 86 pips.
AUDJPY spent the first five hours of the week climbing to a maximum profit level of about 93.68 before beginning to fall. By hour ten the two-hour baseline was bearish and the rate continued to drop for another eight hours before bottoming out at 92.30, at which point, even the eight-hour baseline began to turn bearish.
Interesting...
When I visited my hourly charts,
AUDUSD's weekly trend looked so bearish that I also noted the eight-hour temporal resistance level as a potentially good spot to short the pair.
The fact that I did this hints as interpretation skills that are not too shabby, given that resistance dropped down to meet price, at which point, the pair headed south, NOT north, almost down to the weekly support level, for a maximum NADEX Knock-out profit of 80 to 90 pips.
GBPUSD was in a similar situation.
GBPJPY is looking at an eight-hour baseline and weekly price flow that are in conflict.
You typed that you were looking to sell
USDCAD, but what you DIDN'T type was that it was already sitting on the eight-hour temporal support level, meaning it would need to rise FIRST before being properly structured for entering a short position.
However, the eight-hour temporal resistance level didn't hold, and has been pushed all the way up to 1.3050. This resulted in an eight-hour baseline that is now neutral, so that I am currently looking to neither buy nor sell this pair.
USDJPY not only rose as anticipated, but did so by more than a hundred pips!
