Monday, May 14, 2018

A MOSTLY DOLLAR BULLISH DAY

Last week was a rather strange one. We saw USDCHF make a new high by 0.00002, perhaps just because it wanted to see the sky and then spent two days moving back lower. USDJPY spent a sleepy week where it couldn’t make up its mind on which way to go. It still has some question marks as to the next move – it has several options. EURUSD didn’t seem to want to move lower on Friday with the additional move higher just because it wanted to. However, it MUST make the outcome I mentioned on Thursday. 

However, already, GBPUSD has taken a drastic step to form a Wave (ii) of just 14.9%... Will it make a stronger decline? At this point, with the other pairs flapping around like wet kippers, I suspect a rather limited range for the moment to give time to the other pairs to follow suit. 

The Aussie – ah, I made a slight error but one that isn’t too extreme. Most likely it’ll take the same path as EURUSD except they have different structures. 

With USDJPY appearing to have imbibed a rather alcoholic substance, it will likely be a sideways t lower day while EURUSD moving lower the outcome in EURJPY appears to be bearish…

Have a profitable week
Ian Copsey  






No comments:

Post a Comment