Light volume last week gave way to some upside on the DOW. As I see this, it was a minor retrace and preparation for further downside next week. I suspect we will test the 12,824/64 area and continue downward toward 12,638.00 (test of channel bottom) and then on to 12,585.00 200 ema and support level. I expect a minor bounce at the 200 ema and I will look to take some profit and wait for another short entry.
See 4hr chart below.
The NZDUSD pushed higher after printing a three bar push on 4hr chart to the downside of bear flag pattern. This is a perfect example of manipulation in my opinion. The key here was to notice the three bar push and expect a bullish reversal. Also given the fact of a holiday week lighter volume I would have expected higher prices. Friday gave way to lower prices across the board with unfavored data on the US jobs number. I believe we will see a test of the .800/01 level and I will look to take a short position here. My targets will be .79383 and .78824 respectively.
The EURUSD is collapsing rapidly and will test the 1.2150 level. I look for it to break this level eventually or it might just blow right thru it early next week on its way to 1.1876 June 6th. 2010 low. If this level breaks look out below we are testing 1.100, and then parity.
USOil I see moving lower next week to test 80.73. USOil printed a very bearish candle on the daily chart and with other markets sporting bearish looks I see it lower next week.
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