Tuesday, December 18, 2018

YESTERDAY'S FORECAST FOR AUDUSD




TARGET MET AT 0.7204





AFTER YESTERDAY’S DEEP PULLBACK – WE SHOULD SEE A STRONGER DOLLAR

The depth of the pullback in 3 of the 4 majors (GBPUSD was pretty limited) was not on my expectation list. Part of the issue was that it must have been a 5-wave decline and a deep pullback in the Wave b/iii. That allowed USDJPY and USDCHF to drop like a stone. We should have seen the lows – perhaps a mild dip perhaps – but overall there’s very limited room – particularly in EURUSD that approached the limit by just 6 points. So guess what… We should see the Dollar reverse back to the upside.

In GBPUSD, I was looking for deeper losses – but that didn’t happen. However, adjusting the initial decline it did form a 5-wave move – so we’ve seen the Wave [a]/[v] and most likely the Wave [b]/[v] also. Therefore, we should be heading down to below 1.2477 to a minimum of 1.2459 thru to 1.2382.

The forecast for the Wave [c]/[iii] in EURJPY remains valid. We just have to see a stronger reversal lower in EURUSD.

As for the Aussie… was there a bank holiday down under? The range was just 20 points over the past two days. Nope, I just checked. No holiday. Perhaps they are watching the cricket. It’s about time it broke lower…

Good trading
Ian Copsey  






Monday, December 17, 2018

FRIDAY'S FORECAST FOR EURUSD



WAVE III TARGET MET AT 1.1270 AND WAVE IV AT 1.1303





WE COULD/SHOULD SEE DOLLAR GAINS FROM THE START

First of all, I realised that I booked my flight back to the UK a day too early… a factor of leaving the house before midnight but flying just after midnight. What I shall do, particularly because the market will likely begin to slow down from, probably Thursday through to the New Year, I shall try and provide a general outlook over the Xmas period through to the 31stDecember. I fly back on the 1stJanuary. 

So, for today, while there may be a minor pullback in the Dollar – and I mean minor – we should see the Dollar follow-through higher pretty much from the start. I imagine that we’ll not see a rush out of the blocks but a rather slow development, rather like GBPUSD grudgingly seeing losses. We have seen a half of the 5-wave decline from the Wave [iv]. So perhaps we can see the second half over today – perhaps into tomorrow – but once that has been seen, it will trigger the second decline. That’s pretty much the same in EURUSD although it has only just found its Wave iv. USDCHF has the potential for an expanded flat but should head higher.


There’s a good chance we’ll see direct gains in USDJPY from the start, particularly because EURJPY appears to need a pullback higher. With a (hopefully) slow start to the week, it will allow the pullback in the cross. Once it has found its top we can begin to see deeper losses.

Finally, the Aussie has seen some decent losses for a pullback in a Wave b/iii position. It may see a little more. However, keep watching for bearish reversal indications for losses to resume.

Have a profitable week
Ian Copsey  






Friday, December 14, 2018

WE SHOULD SEE DOLLAR GAINS

Strange day. It seemed as if the market came to a point where it really didn’t know where it wanted to go. Even the early stages of the bullish Dollar it was really difficult to work out with some pretty darn lower and higher degrees joining in. However, after all that, we are now heading higher in the Dollar. Even then, as far as I can see, we are most likely to see some heavy and tricky swings on the way. Therefore, either keep to the lower degrees for short-term trades or weather the storm that will take us up higher in the Dollar. 

USDJPY continued on its upward path and has further to go. GBPUSD fumbled and even made a minor new high but it’s time for losses – and likely below 1.2477. USDCHF woke up with sleep in its eyes, saw a minor recovery but went back to sleep so we should see gains today. EURUSD rumbled and fumbled through a Wave i and (most likely) Wave ii so we should see losses over the day. 

EURJPY, one of its favourite joys are deep Wave ii’s. (Even deep Wave b/iii’s.) This will require USDJPY to push higher more slowly while EURUSD needs to see some stronger losses. 

The Aussie looks like reversing lower but make sure that the 0.7216 and 0.7209 lows break. This should then see further losses… Note that the rising channel has been penetrated…

Have a great weekend
Ian Copsey  






Thursday, December 13, 2018

WE SAW THE EXPECTED DEEP DOLLAR PULLBACK – NOW WE SHOULD SEE GAINS

Over the range of the pairs I use, we actually had quite a range of developments. EURUSD did see a deep pullback. I’d like to think that we have found its high. That USDJPY took the day off to form a limited expanded flat was one of my alternatives. GBPUSD actually saw a much deeper pullback from the 1.2477 low – but it’s still valid. From there we shall need a 3-wave decline being in a Wave [v]. 

The Swissie needed an adjustment once we reached the 0.9977 high and followed by a pullback at 0.9916. Will it hold or could it just see direct gains. Even if we get a minor new low, it should still point higher. 

Overall, I get the impression that we’re going to see some swings over the day – particularly with GBPUSD looking for a Wave [a]/[v] and likely a modestly deep pullback in Wave [b]/[v] before moving lower. Therefore, it tends to suggest some shorter-term profits today – rather than a massive trend. Thus, could allow AUDUSD to see a mildly deep pullback higher but I doubt any firm strength.

I’m still struggling in EURJPY. I want to call a final cap but with USDJPY pushing higher and EURUSD lower, it doesn’t suggest a trend here also…

Good trading
Ian Copsey  







Wednesday, December 12, 2018

UMM… EARLY DOLLAR PULLBACK – LATER GAINS

Yesterday worked pretty well – seeing the Dollar pullback lower and later in the day to see Dollar gains. For most of the majors we should see the same development – a pullback lower in the Dollar, probably modestly deep. It is just GBPUSD that may break the pattern because it needs a dip lower first before a pullback. There is also the potential for USDJPY to see some sideways consolidation but overall it should be heading higher

So it’s basically an almost carbon copy of yesterday by the look of things.

The Aussie does what it wants to do. Well, perhaps they like to see ragged development, whipping one way and then the other but they finally manage to get down to the structure. I suspect we’ll see a pullback higher like the other majors but overall we should be heading lower.

Finally, EURJPY looks like following the majors for a while. Overall, we should see losses over the day.

Good trading
Ian Copsey  






Tuesday, December 11, 2018

6th DECEMBER FORECAST FOR GBPUSD



TARGET MET AT 1.2606




EARLY DOLLAR PULLBACK – LATER GAINS

And the loser was… GBPUSD – but that was already a certainty. After all the wriggling and strangling at the tops, it just whipped down towards the 1.2604 target, a minor pullback and lower again. It’s going to see some swings but end up lower again. Meanwhile, while the EU guys saw a lesser decline but we should soon see a pullback also. 

Meanwhile, USDCHF also finally managed to drag itself from the lows while EURUSD is closing in on a 5-wave decline. Basically, the Asian and early European development appear to be corrective then we should – at some point – continue on the Dollar upside.

USDJPY has just reached the (navy) Wave -a-/-iii- to see a pullback lower – and later in the day we should head higher once more. Add EURUSD to USDJPY we should see a second 5-wave decline to form a Wave -c-/-i- for a pullback

I suspect we’ll see the Aussie moving lower over the day but it has a rather difficult development. I suggest some care in this pair. 

Good trading
Ian Copsey  






Monday, December 10, 2018

BEDLAM (squared) ALL SORTED – NOW WE SEE DOLLAR GAINS

Gee… seriously, we saw Dollar losses on Friday?! Well, it managed it but I can’t see that it can be repeated. The Dollar downside has only a few pips before reversing to the upside. Perhaps we could see a minor pullback lower from the open but over the day we should now begin to build the Dollar upside again. For the majority of pairs, we still need to form the (Dollar) bullish foundation waves. If there is any pair that could react strongly, then it’s probably GBPUSD. 

If there is any Dollar-currency pair that could see Dollar losses – then it’s AUDUSD. The decline from the 0.7394 high appears to have seen a 5-wave decline with a decent bullish divergence. I would be shocked if we saw direct losses. However, how deep is a Wave b/i? Well, as I write, it has broken below Friday’s low… 

GBPUSD and EURUSD have gapped lower and USDCHF has gapped higher. That puts USDJPY in a tizzy…

Be prepared from minor Dollar corrective losses but we should see some decent Dollar gains today.

Have a profitable week
Ian Copsey  







Thursday, December 6, 2018

YESTERDAY'S FORECAST FOR GBPUSD



TARGET MET AT 1.2798





DOLLAR TO EXTEND HIGHER

Well, we saw the pullback lower in the Dollar as expected – GBPUSD reaching the higher targets I suggested – EURUSD didn’t really require a deep correction. The Swissie managed a sideways move but ready for further gains while USDJPY pushed higher as expected. This should see the Dollar extending higher today…

Even the Aussie triggered a deep decline. However, it developed in a 5-wave decline so we should be looking for a pullback – and that will provide us with a puzzle as to how deep the correction will be.

As expected, having seen a Wave I in EURJPY we have seen a decent rally and may just see a little higher but with EURUSD expected to see losses and USDJPY seeing gains, it tends to suggest a rather limited range today. 

Focus on the majors. This should see a decent push higher in the Dollar.

Good trading
Ian Copsey  






Wednesday, December 5, 2018

DOLLAR PULLBACK AND REVERSAL HIGHER

I clearly got caught with the expanded flat in GBPUSD – the high within a whisker of the extreme. I hadn’t expected that pullback because the earlier Wave ii was deep enough already. That allowed EURUSD to make a new high – again with the high a mere 4 points below the extreme. In USDJPY I’ve had to adjust the 5-wave moves higher to accommodate the extreme pullback in a Wave -ii-. All of these still provide valid (Dollar) upside daily targets. I’m still working through a 5-wave in USDJPY that began in June 2013…

So… we’re going to form bullish foundation waves in USDJPY before any stronger move. EURUSD, USDCHF and GBPUSD need a pullback lower in the Dollar. Once they have been established we can get back to the larger Dollar upside.

With USDJPY moving higher along with the pullback in EURUSD, we should see a pullback in EURJPY. Yesterday’s low was the second 5-wave decline and therefore it formed a Wave i. The pullback higher will form the Wave ii. Once EURUSD has had enough on the upside we should begin to see losses once more.

I had to work through the daily losses AUDUSD to form the Wave (a)/(iii) and from there – as far as I can see, we need one more push higher before losses resume. 

Good trading
Ian Copsey  



FRACTAL FORECASTING – A COMPREHENSIVE GUIDE TO FORECASTING



Monday, December 3, 2018

FRIDAY'S FORECAST FOR EURUSD



TARGET MET AT 1.1305







EARLY DOLLAR PULLBACK LOWER AND LATER REVERSAL

Having written the headline, there are some variances. For the most part, the headline should be correct. I have EURUSD, GBPUSD and AUDUSD expecting a pullback higher from the start. USDJPY should see a push higher along with USDCHF. However, while USDJPY appears to be more bullish, USDCHF seems to require a minor new high and then a pullback lower. 

However, as the day develops the pullback lower in the Dollar, we should come to a point when we should see the resumption of the Dollar upside. Most likely the best template is to follow EURUSD due to the fact it will be forming a Wave b/iii. How deep? Modest - maybe mildly firm - but there is a limit. At the same time, we should see USDCHF pulling back lower before it can see a higher move. This should also see GBPUSD seeing a 5-wave rally and followed later by a reversal back to the downside. This will likely be the same in AUDUSD.

EURJPY should see a pullback higher having seen a 5-wave decline and that should see both EURUSD and – to a lesser degree USDJPY – providing a peak and later reversal…

Have a profitable week
Ian Copsey  






Friday, November 30, 2018

YESTERDAY'S FORECAST FOR USDJPY



TARGET MET AT 113.18




WE SHOULD SEE THE DOLLAR RISE AGAIN

Yesterday was a rather ragged day but for most of the pairs the Dollar managed to see some gains. Indeed, I suspect we shall see a new high in EURUSD – but only a minor one. Once that has been seen we should have a quorum to then see all pairs looking to the Dollar upside. Having said that, we are seeing some early foundation waves. For example, after a minor new high in GBPUSD we have seen a Wave a/i. As you can expect we shall need a Wave b/i and then down to the Wave c/i and back higher in Wave ii. Only then we can begin to see deeper losses.

It’s pretty much the same in USDJPY that should reach a Wave a over today and likely a pullback. USDCHF should form a 5-wave rally, a pullback and then further gains. That should leave EURUSD with its rather complicated consolidation – a new high – and only then it can build the bearish foundation waves. 

One pair that could be quite clear is AUDUSD – bearish…

As for EURJPY, I suspect a minor new high and then a reversal back lower.

Have a great weekend
Ian Copsey  






Thursday, November 29, 2018

AFTER THE PULLBACK – WE SHOULD SEE THE DOLLAR RISE AGAIN

It wasn’t quite so much of a bit of a mixed bag yesterday as I expected. A couple of errors provided, within the previous Dollar gains – a lower degree development that formed the larger degree and that allowed a deep pullback across all the pairs. I think we have found the highs – but we may need to see minor follow-through on the Dollar downside – but overall we now have a solid road in the next Dollar rally. This will probably see the Asian and European sessions forming the Dollar bullish foundations waves – and once seen, we can get back on the Dollar high road. 

The deep corrections seen, it allowed the Aussie to rise once more to form an expanded flat to replace the earlier Wave [ii] to reach the 0.7330. So like the majors, it will need to form the bearish foundation waves for losses. 

The odd one out was EURJPY. However, I am a little puzzled with the structure that seemed to suggest an expanded flat within an expanded flat. It doesn’t appear to be valid but I couldn’t find any other solution. I’d suggest taking care with this… We may just see some further consolidation depending on the balance between USDJPY and EURUSD…

Good trading
Ian Copsey  






Wednesday, November 28, 2018

YESTERDAY'S FORECAST FOR USDJPY



TARGET MET AT 113.87





SOME PULLBACKS/SOME FOLLOW-THROUGH TODAY

It’s a bit of a mixed bag today. 

Yesterday provided the Dollar gains I had expected. Some pairs still appear to need a bullish follow-through but should then see a pullback lower. The puzzle is whether we’ll see a basic range day or whether the market will continue to gnash teeth and return to the Dollar upside. However, I can see the potential for a rather quirky range of development. Certainly, I can’t see ravaging rushes in either direction but we should be aware of the structure. 

If that is the case, then I suspect it will be towards the end of the day. If there is any pair that could be Dollar bullish then I then it’ll be EURUSD, USDCHF – perhaps AUDUSD also although but it does have the risk of a slow rambling day. 

USDJPY should drag EURJPY lower but the cross has been rather tough to generate any strong moves at this stage and this trend may well continue. 

Basically, it looks like a mostly conflicting development so best take profits when made…

Good trading
Ian Copsey  






Tuesday, November 27, 2018

YESTERDAY'S FORECAST FOR EURUSD



TARGET MET AT 1.1384






PULLBACK AND LATER FURTHER DOLLAR GAINS

It’s hardly been a frenetic market but it has been steady. From the Asian start, we are seeing pullbacks on the Dollar downside but there’s not a lot of room and by European time we should be heading back to the Dollar upside. I have to say that the GBPUSD triangle failed. It was quite clear by the general limits in a Wave iii were much too strong so I’m now working with a bog standard development. By the time the U.S. gets up, we should then see the stronger Dollar gains. 

EURJPY appears to have completed a rather ragged triangle and that will see EURUSD providing the oomph on the downside. This should see USDJPY rather less bullish compared to yesterday. Ideally, we should see a decent decline – but just as a caution – I suspect this will form a Wave i and Wave ii and then possibly a strong Wave a – just to allow a pullback higher.

I had thought that we may have seen a break of the (cyan) Wave [ii] but it seems we are likely to form a 5-wave move to see losses well below the 0.7200 area… 

Keep track of the early stages – but overall we should still be heading higher in the Dollar.

Good trading
Ian Copsey  






Monday, November 26, 2018

DOLLAR PULLBACK AND REVERSAL

Friday ended the week with a new Dollar high having seen losses in EURUSD (from the (brown) Wave [ii]) to reach the Wave [a] while USDJPY appears to have seen a lower degree Wave i and Wave ii – followed by a 5-wave move. USDCHF also provided Dollar gains – and may see a pullback. GBPUSD completed the Wave ^d and thus will need a pullback. Therefore, the majors appear to be correlated. 

I do have some reservations in GBPUSD – having the EU leaders preparing to sign off the Brexit deal but as long as the 1.2976 does not break we should still be looking for losses. Very clearly, EURUSD MUST go lower so I really don’t think we are going to see GBPUSD suddenly rushing higher. However, I have to provide the alternative. 

The Aussie should also see an early pullback – rather similar to EURUSD and GBPUSD – before losses resume. 

That just leaves EURJPY – most likely – completing the triangle…

Have a profitable week
Ian Copsey  






Friday, November 23, 2018

SLOW START, POTENTIAL TRIANGLES – UNDERYLING DOLLAR BULLISH

Apart from Cable, the market was pretty limited. That’s a normal U.S. holiday. Of course, with the news of a “Brexit deal within our grasp” according to Theresa May, we had a minor whiplash but one that was limited to within a bearish outlook. I may be cynical but frankly, all parties in this process are politicians. That means … “me, me… I want power…” It ain’t gonna happen yet.

We now have the potential for two triangles. EURJPY has been developing through to the Wave ^c while GBPUSD has a strong chance of forming a triangle also – but a lesser version of EURJPY. This could provide the early stages – through Asia and Europe – before North America should push the Dollar higher. Even USDJPY appears to be eking out a long triangle also.

This leaves EURUSD having the potential to form a triple three – or just losses while USDCHF has room above and below the current sideways move. This is pretty much the same in AUDUSD that has formed a double zigzag so we’ll have to see whether it will just take out the bearish side or a triple three. I wouldn’t be surprised with the other pairs that we shall see a triple three. Once seen- then we can get back on the Dollar bullish route… 

Have a great weekend
Ian Copsey  







Tuesday, November 20, 2018

YESTERDAY'S FORECASTS FOR EURUSD AND GBPUSD



TARGET MET AT 1.1465



TARGET MET AT 1.2885








NOW FOR THE REVERSAL

It was quite interesting to see the range of development through the major pairs. We saw a ragged but limited decline in USDJPY to form an expanded flat, a firm EURUSD and rather sharp losses in USDCHF to form an expanded flat. Finally, GBPUSD managed to complete a triple three with the high just 5-pips above the previous high. 

So while I would have preferred a shorter time frame to complete each of the pairs, we have established the final Dollar lows and it’s time for a firmer Dollar to impose itself as the dominant currency. 

However, excluding GBPUSD (which has formed the first leg of Wave a) the other pairs are going to need to start from the Dollar lows and they’ll probably lag behind the Pound. So it seems that we may have to work through those foundation waves and allow the Pound to do its own funky stuff.

In EURJPY, I tend to feel we’re going to see a triangle – so best keep clear until we get to the end before it can break lower again.

Just a small break above the recent high in AUDUSD will do the trick…

Good trading
Ian Copsey  






Monday, November 19, 2018

LIMITED DOLLAR DOWNSIDE FOR A REVERSAL

I haven’t quite caught some of the pairs. However, over today and through the week, we should – at last – see the Dollar finally gets to see a stronger move higher. This should see a quite (as usual) Asian session and followed by a final Dollar low to then – probably towards the European (perhaps early North American session) to revert back to the Dollar upside. 

I can’t see a runaway move because we’re back to having to develop Dollar bullish foundation waves. So today doesn’t look like a “wham bang thank you mam” day but a rather whippy/swing type development. Once we get through those foundation waves we are more likely to see a stronger Dollar. 

USDJPY may have seen the low – having seen an expanded flat – but may have a final dip lower before rallying back higher. There’s hardly much room on the topside in EURUSD and this could be the same with USDCHF – having seen a sharper decline than I had expected. 

GBPUSD has seen a pullback higher. It has a little more room to explore but over the day we should begin to see losses – while over the other side of the planet AUDUSD needs a pullback and a new high before losses. 

It’s only EURJPY that’s a little tricky – but frankly, I tend to feel that it could see a possible triangle before losses resume.

Have a profitable week
Ian Copsey  



FRACTAL FORECASTING – A COMPREHENSIVE GUIDE TO FORECASTING



Friday, November 16, 2018

FURTHER DOLLAR GAINS

It wasn’t quite the way I wanted yesterday. The very best pairs were in GBPUSD and EURJPY. Otherwise, it seems as if we had a little more development to be seen in the rest of the pairs but after the highs in EURUSD and a minor new low in USDCHF (that I had warned could happen) it looks like now that we have all the 4-majors looking towards a consensus in a Dollar bullish development. Even then, due to EURUSD making a new high, this tends to suggest bearish foundation waves – and for GBPUSD to extend losses again today.

After having completely screwed up the bullish move in USDJPY, I had to work hard to establish the bullish move and that should also see USDCHF make further gains. I suspect this will form the foundation waves for some decent Dollar gains. 

AUDUSD is now looking for losses. EURJPY should see losses resume…

Have a great weekend
Ian Copsey  






Thursday, November 15, 2018

YESTERDAY'S FORECAST FOR GBPUSD AND EURUSD



TARGET MET AT 1.3074



TARGET MET AT 1.1348








WE SHOULD SEE SOME DECENT DOLLAR GAINS TODAY

With the Brexit cabinet approval all sorted out - and a rather ragged triple three in GBPUSD – we should now be looking for the Dollar to resume its move higher. USDCHF provided a second zigzag lower, USDJPY saw a deep pullback that needed a minor adjustment – also in EURUSD. As far as I can see, all of the 4 majors should now have a quorum for the Dollar to push higher. 

Even the Aussie has completed a triple three and this will prompt a 5-wave decline at to form a Wave [i] from where a pullback should be seen. This looks very similar to USDJPY… At the same time, GBPUSD may well form the bearish foundation waves. 

In EURJPY I suspect a rather ragged decline with EURUSD likely to see deeper losses while USDJPY creeps higher – or perhaps sees a consolidation. Overall, in the larger picture, it still suggests losses. 

Good trading
Ian Copsey  






Wednesday, November 14, 2018

YESTERDAY'S FORECAST FOR USDJPY



TARGET MET AT 113.58




LOOKS LIKE WE’LL GET BACK TO THE DOLLAR UPSIDE…

Well, that was (not) a fun day. I knew somehow that something wasn’t quite right – and it actually was a strange day. We should allow for a slightly deeper pullback lower in the Dollar initially but overall, through the day, we’re going to revert back to seeing Dollar gains. Indeed, as I am writing this we are approaching some pretty high pullbacks so it won’t take long to reverse back to the Dollar upside. Even AUDUSD has been marking a triple three pullback and is on the verge – maybe has seen the final high perhaps – so the Dollar should hold firm. 

Therefore, we shall still need care, initially to develop the bullish foundation waves but I wouldn’t be surprised to see a reversal back to the most recent Dollar highs.

Good trading
Ian Copsey  






Tuesday, November 13, 2018

MINOR FOLLOW-THROUGH AND PULLBACK – PERHAPS RANGE TRADING

The Dollar provided the push higher for the most part and we should see those highs early in the Asian centre. EURUSD should soon see the (cyan) Wave -a- for a pullback – equally USDCHF also. GBPUSD saw some decent losses – but equally quite a deep pullback in the Wave iv. This tends to suggest the potential for a minor new low to form the (cyan) Wave -a-/-iii- and a pullback in Wave -b-/-iii-. I had expected a stronger rally in USDJPY but instead decided that it wanted to form an expanded flat - although it hasn’t yet completed. 

This tends to suggest that we should be looking to take short-term profits over today and maybe into tomorrow. 

Even EURJPY is approaching a (purple) Wave -a-/-iii- so that basically should see a pullback and once USDJPY has completed the expanded flat it should rally to the targets I had expected yesterday. That should provide a decent pullback in the cross.

As for AUDUSD… well, it failed to reach above 0.7314 but finally decided that it would just go and break below the Wave iv… So we should have seen the high… 

Overall, take care today. It suggests a ragged development…

Good trading
Ian Copsey  






Monday, November 12, 2018

FRIDAY'S FORECAST FOR EURJPY



TARGET MET AT 128.72 



WE SHOULD SEE FURTHER DOLLAR GAINS TODAY

For the most part, I am looking for the Dollar to remain bullish. The more important issue is whether the start of the day could see a bearish pullback. I suspect not in USDJPY - but USDCHF does seem to have potential pullbacks before the Dollar begins to bloom. EURUSD needs to see losses. I also find that GBPUSD developed a Wave -i- at the end of Friday and minor pullback. That we’re talking about the normal Asian preference for a limited range, it makes sense that we should wait for a pullback. However, the alternative is a break lower…

It’s just USDJPY that appears to have a risk of direct gains – but perhaps it could just see an initial spindly range… 

When looking at a Wave -a-/-iii- in EURUSD that has hardly managed to make any gains at the end of Friday, along with a possible consolidation – or just further gains – it makes sense that EURJPY should see a pullback higher right from the start. Once we move into the European session – perhaps North America also - I suspect we’ll begin to see some Dollar gains.

…And what about the Aussie? We still haven’t completed the expanded flat – and even then we saw a pullback. This may have been just a long and ragged Wave v that still needs to reach above 0.7316…

Have a profitable week
Ian Copsey  






Friday, November 9, 2018

YESTERDAY'S FORECAST FOR GBPUSD



TARGET MET AT 1.3085-90






EARLY PULLBACK AND LATER FOLLOW-THROUGH

We appear to have a quorum in terms of the majors having completed the Dollar losses for now. As we set forth into the Asian centre, it looks like we have a minor consolidation – as normal – but this will be a time to allow some pairs to generate a Dollar pullback while others need a new high and then a reversal. Once we have gotten through to the European session, we’re more likely to see the Dollar raise its hand to push the Dollar higher. 

Indeed, yesterday saw the reversal through the 4-hour Price Equilibrium Clouds to the Dollar bullish side. Perhaps we may see a pullback back to the Cloud (Dollar) lows before heading back higher. 

EURJPY is rather difficult but we should see a dip lower and a pullback. We may even have to suffer a consolidation with USDJPY expecting gains overall and, of course, a bearish EURUSD… Therefore, take care in the decline.

The Aussie… ohhhh… the Aussie. All it had to do was tip above the 0.7314 high but it stalled 13 pips below and completed an expanded flat. Therefore, we should see the high today – and just in time for when the majors have completed their consolidation…

Have a great weekend
Ian Copsey  






Wednesday, November 7, 2018

MONDAY'S FORECAST FOR EURJPY



TARGET MET AT 129.90



BACK TO THE DOLLAR UPSIDE

Yesterday was a rather limp and basically negative day. EURUSD and USDCHF saw slow, lacklustre and tedious day – and conformed to yesterday’s headline that suggested complications. However, I think today will be a more constructive day and now looking for the Dollar to rise once more. GBPUSD has either seen its high – or will only need a marginal new high. USDCHF formed a Wave i and Wave ii, while EURUSD formed a simple zigzag. Thus we should begin to see some decent moves to the Dollar upside. 

In the meantime, USDJPY confirmed the upside also and has formed a decent rally. It may see a slightly deeper pullback but overall it should see steady gains once again. With USDJPY pushing higher along with EURUSD, it is approaching a barrier in EURJPY. This tends to suggest that EURUSD will generate some solid losses.

The past two days have seen a slow, gentle pullback higher but it’s now time for losses… 

Good trading
Ian Copsey  






Tuesday, November 6, 2018

STILL SOME COMPLICATIONS

The good news is that EURUSD has formed the bearish foundation waves. The bad news is that GBPUSD opted to form a triple three. However, we may have just seen the final high – but could be just a bit higher. This will suit USDCHF as it should be heading higher and – after a long sideways move – I suspect we’ll finally break above the 113.39 high…

Therefore, over the day we should be looking for a Dollar bullish rally. 

Having said that, GBPUSD – having been a pain in the backside – it will then need to develop the bearish foundation waves before any stronger decline. How this balances through the pairs is rather difficult to judge the correlation through the structures. 

I’m slightly uncertain on EURJPY having seen a (potential) double top. We may just see losses – or alternatively a new higher for a reversal lower. Note that USDJPY must break above 113.39 to provide the “oomph” to generate gains while EURUSD should – at some point – turn lower…

I’m still looking for AUDUSD to move lower – and I’d like to see a break below 0.7181 to confirm…

Good trading
Ian Copsey