Thursday, November 30, 2017

Good chance for Dollar gains today

I was in shock when I saw the highs in USDJPY. The strength was far beyond the expanded flat area and this has given me a new outlook on a 50% Wave (c). Previously, I have observed the limit to be 66.7% - maybe 58.6% in the crosses – but now I have witnessed a 50%...

Thus, for now, USDJPY, USDCHF and EURUSD have turned to the Dollar upside and I suspect we shall see GBPUSD manage that final leg higher to then turn lower…

Therefore, I can only see limited (Dollar) downside as today begins and once GBPUSD has managed its final high, we should have a quorum across the 4-Majors and AUDUSD that has been championing the Dollar upside for some while.

That should be the main theme today and I hope that the rather spider-like development changes into a more direct and simpler rally.

That tends to suggest that EURJPY will tend to be a little more choppy but soon revert to the downside…

Good trading
Ian Copsey  

No comments:

Post a Comment