Below is a brief recap of last week’s price projections and the price targets for next week.
The SPX advanced 52 points but couldn’t break out of its March–April trading range, and fell 0.7% short of our upside target. In the process, it painted itself into a corner between the pivot line, trend support and resistance.
The projected price range for next week is 2600 – 2720:
The Euro reached our upside projection and reversed. Until it manages to break out of the ’18 trading range of 1.217 – 1.25, the trend remains neutral.
The projected price range for next week for EURUSD is 1.220 – 1.245:
The Pound broke out of the megaphone pattern we mentioned last week, and closed just above our upside target.
The CIT Channels projected trading range for next week for GBPUSD is 1.40 – 1.435:
USDJPY tried to break out of a two week trading range on Friday, but sold off to close just below the top of the range.
The trend remains neutral to slightly bullish. The projected trading range for next week for USDJPY is 106.2 – 108.2:
USDCAD couldn’t break above the CIT Cloud, and the bearish trend against the CAD continued. The USD closed just below our downside target. The length of the current downswing is double the average and a counter-trend move can be expected any time. We’ll be keeping a close eye on the CIT Cloud for signs of reversal.
The projected trading range for next week is 1.25 – 1.27:
Last week we wrote about the bearish implications of the outside reversal candle. The slide of the USD against the CHF continued for two more days, until the dollar reached our downside projection and staged a reversal. While both the medium and the short trends remain up, there’s a double top at 0.964 which makes this the key level to watch for next week.
Projected range for next week for USDCHF is 0.952 – 0.97: