Friday, December 15, 2017

Still some early swings before a follow-through

We have seen a range of reactions within the 6 pairs. The Aussie and EURUSD have completed an expanded flat. The Aussie has only just got to that point and a mild dip while EURUSD has managed a bearish foundation. USDCHF has done enough to pull itself out of its decline and GBPUSD has dithered, had a little turn and seems to be in a tizzy. However, it may have managed to develop a bearish foundation wave also.

As for USDJPY… well, I reckon it hasn’t yet met its final downside. Having said that, I reckon the early part of the day will find its base… Indeed, that last dip may well allow EURJPY to find a low for a pullback but much depends on the first reaction in EURUSD. It could still see a recycling higher but it looks pretty keen to get on with the downside.

So, over the Asian session and into the European, we should see the settings for a firmer directional wave…

Have a great weekend
Ian Copsey  

No comments:

Post a Comment