Thursday, March 8, 2018


Meanwhile, USDJPY made decent gains and GBPUSD managed to work through a 5-wave decline while EURUSD did see slightly higher highs which I allowed for and USDCHF saw a deeper pullback. That brings the 4-Majors back on the Dollar bullish path.

At the same time, USDJPY managed to complete a lower degree Wave -i- and Wave -ii- so we’re back on the bullish path already. In USDCHF, I had thought that the 0.9359 low was low enough but the market decided it wanted to reach the extreme of the pullback at 0.9357. Therefore, we should see stronger gains along with USDJPY.

So far, EURUSD has only seen a Wave -a- so we’re waiting for a Wave -b- to then see losses in Wave -c-/-i- for a pullback in Wave -ii-. Once this has been seen, we will have had formed the foundation wave for the downside. Equally, we have the same situation in GBPUSD. Therefore, this does seem to suggest ragged swings before a firmer trending move.

While I was rather cautious about EURJPY yesterday, the stronger USDJPY and a slightly higher EURUSD have been supporting the Cross but I really don't think that we’ll get a rampant break above 132.01…

Finally, in AUDUSD we should ideally see losses today.

Good trading
Ian Copsey  

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