Thursday, August 31, 2017

A need for care today

Overall, yesterday saw Dollar gains as expected. Some stalled at the right area and some have exceeded the targets – generally the firmer Wave v targets. What has perplexed is that EURUSD appears to be a loner. I am seeing USDJPY and USDCHF completing their 5-wave rallies. Both have very strong bearish divergences. So, it should be a bearish day.

GBPUSD has been a bit of a loner and making steady losses as would be expected and there’s a strong chance of further losses to be seen. However, it’s taking its own time to contemplate the world as it goes.

So, it’s EURUSD that is a rather estranged pair. It has broken below its 4-hour Price Equilibrium Cloud. It may well try and retest that but overall the downside still appears to be its favoured outlook. Therefore, it looks like EURJPY may well be a good trade…

What really surprised yesterday was the Aussie. It appears to have formed deeper decline. Thus, best take care.

Good trading
Ian Copsey  

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