Monday, October 9, 2017

An early little bit of jiggery pokery

The Dollar has begun to slow in its rally. We’ll still see some swings over the next few days but we need to be a little more cautious from this point. I’ve had a battle with EURUSD over the past few weeks but I feel this will yet still provide some surprises – although there is a key upside level that needs to remain capping. We’ve seen normally correlated pairs beginning to pick fights with each other – EURUSD and GBPUSD in particular. Even USDCHF became a little skewed but not by too much but then the Swissie does have its own agenda. However, the positions in their respective structures do suggest a more common break that I feel will be triggered over this week.

As today begins, the early Dollar losses have probably been satisfied – perhaps not quite in USDCHF perhaps – so it looks like the Asian session is going to head into a correction. With EURUSD likely to head lower we may see EURJPY hanging around to judge what may happen. I’m still looking for a slightly lower Cross. USDJPY is expected to recover from the early dip.

I suspect, too, that AUDUSD needs a dip over today but it has a rather delicate balance.

Take care from this point as I feel there’s going to be a few swings and reversals coming up.

Have a profitable week
Ian Copsey  

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