Friday, June 9, 2017

General Dollar bullishness expected

We’re making solid progress although the lower degree structures have been agonisingly difficult. I’m still having to delve into the single 1-minute bars to decipher information. Even on quite a few occasions I have had to resort to tick-bar charts also so it has been very tough to work through the ratio structures. However, overall, we are gradually pulling away from the 1.1285 high in EURUSD.

The UK election results are being counted and earlier this morning we saw a very sharp 5-min bar drop by 259 points in GBPUSD. This could remain soft as the ballot papers are complete so we’ll either see a sharp recovery – or a sharp fall…

Elsewhere, USDJPY still finds the upside rather daunting. It should continue to develop but the clear bearish outlook in EURJPY will tend to maintain a rather lacklustre rally in USDJPY. We have to wait for a point where EURJPY will require a correction higher – and perhaps then USDJPY may be able to drum up the confidence to extend its move.

The Swissie has begun to push higher too. How strong this will be is a little difficult to judge – quite a few Wave iii projections are available but at the end of the Wave v – but then still need a pullback…

The Aussie… was on walkabout and appears to be fulfilling its pullback lower before the additional high. Once that is seen we can look for losses to resume…

Have a great weekend
Ian Copsey  

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