Thursday, March 15, 2018

WE NEED TO CONFIRM THE REVERSAL

It has been a rather tricky few days although mostly contained within my expectations. Have we seen the Dollar lows? Certainly, USDCHF appears to have found its low – but I can’t say that it’s a certainty. USDJPY only requires a short trip to a minor new low. EURUSD has developed in a double zigzag only – so there is a risk of a new corrective high and the Wave x is waaayyy down lower. While I caught the top of GBPUSD yesterday, there’s still plenty of upside to invade.

Therefore, we still have risks and a fine balance between the upside and downside – and apart from USDJPY, there is still potential for another zigzag… Best take it easy and wait for a decent trigger that will provide the Dollar bullish reversal.

EURJPY appears to be settling in for the downside but we all know how tricky the cross can be. I have a Wave (i), Wave (ii) and Wave (a) from the 132.42 high but there’s room on the upside and down. It’s not easy – the extreme pullback is at 132.19.

Perhaps, of all, it’s AUDUSD that approached a similar extreme Wave (b) by 3 points. We do know the limit here and therefore we can plan a trade more easily…

It’ll be best to be cautious today and confirm the Dollar reversal.

Good trading
Ian Copsey  







No comments:

Post a Comment