Wednesday, November 8, 2017

Stranger Things

My daughter loves this Netflix series. To me, it seems appropriate for the markets. We have EURUSD moving lower and GBPUSD higher, USDJPY high on some sort of drugs and USDCHF in a drunken path where it really doesn’t know which way to go.

Having said that, I still see Dollar losses – with the exception of EURUSD that has swung back higher but not yet broken above key resistance at 1.1611. If it does make that break then I’ll have a job on my hands working through the move from 1.1690… If it does I’d hazard a guess at a lower degree Wave (i).

Quietly, somewhere down on the bottom right of the planet, AUDUSD has been making its own way lower. The pullback towards the end of yesterday’s session could provide a cap – but could edge a bit higher. However, overall it will surreptitiously continue lower.

As for EURJPY, it has benefitted from the bearish EURUSD along with USDJPY. This is where the 1.1611 break is going to be important else the cross may well begin to dabble in complex corrections.

Once we have seen USDJPY and USDCHF complete their downside we can look for a stronger trend.

Good trading
Ian Copsey  

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