Thursday, November 9, 2017

Maybe even stranger things

I’m getting a little warning bell ringing in my ears and I’m not talking about tinnitus. GBPUSD appears to have turned lower. It could just be a pullback but that’s the direction I want to see. EURUSD baulked at the 1.1611 barrier – precisely. USDJPY reached the 113.39 target perfectly and has seen a deep pullback as expected but I’m not convinced. As for USDCHF, my goodness it doesn’t want to budge from its sideways consolidation. I mention these because of the conflicts between the pairs. AUDUSD looks as if it’s going to extend losses.

It’s a rather a strangled mess – or it’s not. This is not a clear picture within this messy development.

There may be an alternative. USDJPY is in a Wave (b) but could see that develop in a triangle – although this will need a break above 114.38. There may be a risk that USDCHF had seen a very shallow pullback. If so, a break above 1.0019 would confirm. EURUSD has been bouncing around and may still see direct losses – although noting the 1.1611 barrier. GBPUSD appears to have found a top for losses to resume. As mentioned above, the Aussie needs to extend losses.

I’m therefore looking at two scenarios now and waiting for breaks.

Something somewhere is causing some even stranger things…

Good trading
Ian Copsey  

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