G7 OUTLOOK FOR THE WEEK 16-20 JULY 2012

Last week we had a general weakness of euro against all other currencies. It made new all time lows against the aud and the cad . Also eurusd has gone significant lower. Friday however we has a significant short squeeze and a rise in risk appetite.

Overall  EURUSD remains weak although this week we might see a retracement up to 1.2470. 

GBPUSD continue to consolidate. Last Friday rose strongly unexpectedly indicating that there is still demand for this currency .Since Olympics starting in a week we probably see a further rise this week

EURJPY avoided making new al time low. Not a clear picture

USDJPY still in consolidation

USDCHF is the reverse of what EURUSD does

AUDUSD still strong may rise further taking advantage of the risk on mentality, the stimulus from central banks and low rates.

CURENCIES	DAILY		WEEKLY
DAILY DATA'!A1	TREND	WAVE	TREND	WAVE
EURUSD	↓	↓	↓	↓
	-7	-5	-7	-5
EURJPY	↓	↓	↓	↓
	-7	-5	-7	-5
EURAUD	↓	↓	↓	↓
	-7	-5	-7	-5
EURCHF	↓	↓	↓	↓
	-5	-3	-5	-1
USDCHF	↑	↑	↑	↑
	7	5	5	5
GBPUSD	↓	↓	↓	↓
	-7	-5	-7	-5
USDJPY	↓	↓	↓	↓
	-1	-5	-1	-5
AUDUSD	↑	↑	↓	↑
	3	1	-1	5
GOLD	↓	↓	↓	↑
	-5	-3	-1	5