Friday, December 1, 2017

We should end the day with the Dollar higher again

It wasn’t the day I expected with EURUSD seeing a deep pullback higher – along with GBPUSD. Both USDJPY and USDCHF saw a sharp drop and recovery. There’s still some upside still to go in GBPUSD but I think we have seen the final high in EURUSD.

Thus, we should, overall, be looking for a bullish Dollar today. This will need USDJPY to break above 112.76 to confirm. Otherwise, while unlikely (but a valid alternative due to the 3-wave pullback from 112.48) there is a minor risk of an expanded flat back below 111.73.

Most likely we shall see a pretty dead Asian session but that will probably help GBPUSD to make a new high and for losses to then resume.

With EURUSD being more bullish than I had anticipated, it helped EURJPY to approach the 134.13 level – just 36 points below the Wave (X) at 134.49. Thus, we should now see losses.

AUDUSD spent the day looking one way, then the other to end up with a higher pullback and should now see losses…

Have a great weekend
Ian Copsey  

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