Friday, August 4, 2017

Some good bits – some still in progress

First, the good news: GBPUSD supported in the 1.3202-13 area for gains to reach the expected 1.3253-70 area. My… did that collapse…

It therefore joins USDCHF to confirm a daily reversal. I had thought USDJPY was part of that group but “whoops, it happened again…” Talk about frustrating. We’re still looking for supports but these should soon see a deeper recovery from slightly lower levels.

So two down - two to go… EURUSD is still flapping about. My expectation is for gains… but… before that, a pullback to then extend the rally back above 1.1910. The alternative – if I have got the structure incorrect – would be direct losses below the rising wedge low. Thus, wait for new high or break below the wedge.

The losses in EURJPY were strong enough to extend the downside. Thus, we have found a daily high and should see follow-through lower but I don’t expect an excessive decline for now. Thus, watch for bullish reversal indications for a pullback.

And finally the Aussie… Well, we’ve seen gains. They haven’t been robust so keep an eye out on the downside. However, as long as it remains basically bullish we’re likely to see gains…

Have a great weekend
Ian Copsey  

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