Monday, August 14, 2017

Still some messy bits to get through

The structures are building up but the only problem I see is that they’re ragged. Overall, we should be looking for Dollar gains today but there are some troubled spots, particularly as the day begins, that could see some nasty swings. This is also suggested by the 4-hour price Equilibrium Clouds that are providing a temporary barrier.

Having seen USDJPY complete the daily expanded flat, we know where the stop loss is now so basically maintain the bullish outlook. USDCHF is mixed, having seen a double zigzag. I tend to feel that we have probably completed the correction but it will be prudent to keep an eye over your should in case a triple three develop. However, there isn’t too much room below.

EURUSD has a little complication but I feel that we just need one more push higher to a final peak before the reversal. This is also applicable in GBPUSD that, even if it broke above 1.3027, it needs to see a 3-wave rally to complete the expanded flat.

EURJPY appears to still need gains if we are to see an expanded flat. That is possible with the additional rally in EURUSD and the expectation in USDJPY to join forces for the upside.

The Aussie? I had a look over the weekend and can’t find a way yet to suggest we have completed a bullish 5-wave sequence. I’ve also noted that it has broken above the descending wedge. Thus, while a bit cautious, it tends to suggest that the Aussie is going higher… However, I’d suggest keeping an eye on the downside just in case…

Have a profitable week
Ian Copsey  








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