Friday, March 30, 2018

NOW THE FOLLOW-THROUGH

It was a strange old day yesterday. It started well but then, in some pairs, we had the pullback – more a sideways move although USDJPY decided to see a much deeper pullback. This was one of those deep Wave b/iii’s. Therefore, we still have some work to rally back to the targets I mentioned yesterday. The pullback in EURUSD was more of a sideways range – but which was basically the Wave -iii- followed by a correction in Wave -iv- and then Wave -v- to form the Wave [a] and a pullback in Wave [b] and lower. A similar development occurred in USDCHF while GBPUSD saw a staggered decline to a Wave a, pullback in Wave b to see losses now down to the Wave c/iii. The Aussie was pretty much following the European template.

Therefore, we’re due Dollar gains over today.

As for EURJPY, given the general balance between EURUSD and USDJPY, we should see EURUSD stronger than USDJPY and therefore the cross should also see a rather messy, swinging decline.

Have a great week
Ian Copsey  







PLEASE NOTE THAT THE NEXT REPORT WILL BE ON THE 9TH APRIL

No comments:

Post a Comment