Monday, March 26, 2018

PULLBACK COMPLETE

Well, there is still a gap to the Dollar downside but it’s so slim that I’d rule it out. We have a bearish divergence in EURUSD, bullish divergence in USDCHF, bullish (although slim) divergence in USDJPY. GBPUSD is a bit different. We’ve seen a double zigzag and there’s room for a triple three – but will the market just be satisfied with a double? Let’s face it, GBPUSD has been a bit of a loner and doing its own funky stuff.

If there is any doubt that I have, then it’s USDJPY. I suspect we’ll see some losses but we should be looking for a turn back higher. I could guess at it, but in the lower degrees it’s far more difficult to judge. However, I suspect it will turn higher over today.

The Aussie… follow the first paragraph. It has broken below the hourly Price Equilibrium Cloud and dabbling with a break of the 4-hour Cloud…

With EURUSD looking to reverse to the downside, EURJPY should see a follow-through but I suspect that we’ll see a reversal back higher at some time – and driven by USDJPY. However, it could be a rather stunted recovery.

Have a profitable week
Ian Copsey  







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