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
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