Friday, May 26, 2017

Pretty much a mixed bag

Mostly I managed to catch the swings but there are a few pairs that, while they went in the right direction, they didn’t follow-through. Perhaps the number one guilty party was USDJPY. I had been looking for a more solid performance but it seems like it’s still floundering in the lower degree area and that’s a nasty area to head into. It just fiddles around without really making any impact. I sense this is going to last for a while – and perhaps it was the right thing because EURUSD was making steady gains that pushed up EURJPY to within 0.009 points of the May 16th 125.807 high…

This tends to suggest that EURUSD will have to carry the burden on any losses to carry the cross lower. Indeed, it actually looks as if the two Continentals and the estranged GBPUSD will likely provide a modest trend today. These two amigos and GBPUSD are in the process of building a base for stronger moves later. Therefore, I can’t see any substantial excitement but more steady trading in these pairs.

Finally, I was expecting the Aussie to push back above 0.7517 – but failed at the final moment. Therefore, it tends to suggest it’s going down to just below 0.7442 and then make its way to a new corrective high. All-in-all, that actually correlates with the Europeans although in different structures.

Probably a steady day in all pairs – with the exception of USDJPY…

Have a great weekend
Ian Copsey  

No comments:

Post a Comment