Monday, March 5, 2018

REVERSAL SOON – OR CONSOLIDATION?

Yep, my call for caution was correct. I call it Freaky Friday. I do still have some reservations, particularly in GBPUSD that really didn’t manage to make much effort to follow the other three majors. USDJPY appears to have completed/completing a triple three from the 118.66 high. EURUSD seems to suggest a triple three soon (perhaps it has found a high?) and USDCHF – well, it broke the structure I had but I suspect it has completed a triple three. That just leaves GBPUSD that only managed to retrace by 24.2% - but may be able to find a new corrective high.

Friday’s development was particularly sketchy so it will be best to take care initially due to the rather scrappy developments that can cause some upsets. I would prefer new Dollar lows in USDJPY, GBPUSD and EURUSD. As I mentioned above, USDCHF may have completed a triple three.

This should see EURJPY going lower but I’d suggest caution. Once the Europeans push back to the Dollar bullish side, the Cross will likely begin to lose its bearish lustre. AUDUSD still needs losses.

Have a profitable week
Ian Copsey  







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