Monday, June 12, 2017

A slow start for the week

Friday ended the week with more sedate moves rather than any strong impulsive development. Of course, last week was a pretty hectic and choppy week as the bulls and bears went head to head. What I see, as the week begins, is that we have the 4-majors in a blind spot – capable of both upside and downside. In particular, EURUSD may be awkward – but possibly not. It appears to be in a complex correction – an expanded flat although the alternative could be a descending triangle in a Wave b. The other three major pairs do still have room on both sides of the market

Once that is established then we can expect a more direct follow-through…

The Aussie went sleep-about on Friday but this has been a very consistent development over several months now. Ok, it's not several months but nearly 18 months. The outcome I have been stating over the past few days remains but there could be two routes to the eventual outcome.

As for EURJPY… I’m slightly favouring the upside. The decline from the 124.015 high just didn’t seem to work with an impulsive move and therefore it suggests a deeper pullback before the downside can resume. Therefore, bide your time and wait for the next bearish move…

Have a profitable week
Ian Copsey  

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