Wednesday, March 7, 2018

WE SHOULD SEE DOLLAR REVERT TO THE UPSIDE

No surprises yesterday, mainly Dollar losses but that was basically expected. We have the pairs in various stages of progress with a range of divergent structures. EURUSD and GBPUSD were the partners in arms although with a slight lag in EURUSD. That should be resolved today. USDJPY and USDCHF made some steady gains but hardly making much progress. Most likely we’ll see these two staring the day with swings before the trend begins to turn.

Most likely, we should begin to see the main pairs beginning to converge in terms of a predominant direction and one that could provide some decent Dollar gains. Having said that, we shall still have to wait for the foundation waves in EURUSD to be constructed and from that point, we should see a more correlated directional move.

That should also be the case in AUDUSD. I tend to feel that it may just need one more poke higher before it joins the main group – but of course, like EURUSD, it will need to develop foundation waves.

As for EURJPY, we had a firmer day once again but before too long EURUSD will drag it lower once more.

Good trading
Ian Copsey  







No comments:

Post a Comment