Friday, May 19, 2017

Unravelling the panic

I think it’s all done. There are still a few areas where I’d like to tread carefully but overall I feel we are going to unravel the bullish spike top in EURUSD along with GBPUSD’s follow through of which I warned. USDJPY and USDCHF managed minor new lows. I wasn’t too surprised considering the mess of the structures that had me frantically tapping into my spreadsheet to try and work through different possible combinations. Still, for the moment, it may be better to be more guarded to make sure the Dollar losses have abated.

For the most part we’re seeing price challenging the 4-hour Price Equilibrium Clouds, some in the process of pressing through the Dollar side but at this point there hasn’t been any decisive break free. Thus, there could be a risk of some consolidation but even that is a pointer to the eventual reversal back to Dollar bullish.

EURJPY continued to tumble and actually looks as if it’s developing the lower degree waves that will later signal some solid moves – just take care of any break above 124.11. That would suggest that yesterday’s low was the key low.

The Aussie… it blipped up to 2 points below my resistance. I still tend to look for losses but that will only be confirmed below 0.7388. Even then, it has been so sluggish that it’s on drugs…

Have a great weekend
Ian Copsey  

No comments:

Post a Comment