Thursday, May 10, 2018


Basically, most of the pairs have reverted back to the Dollar downside. There are just two pairs that still haven’t managed to find a Dollar high – just EURUSD and AUDUSD. No wonder we have seen some pretty whippy swings. However, just for now, we should see these two pairs will acquiesce to provide a pullback – and ones that need to be quite deep – before they then find a final low. Well, just for now.

Already we have seen USDJPY reach to within 20 pips of the Wave (i) and USDCHF within 0.00005 pips of the 1.00552 high. Ok, that’s enough. Given that EURUSD and AUDUSD are in need of a deep pullback we’re pretty likely to going to see the other pairs generally match the Dollar downside – but as I mentioned, just for a correction. 

There may just be a slight alternative in GBPUSD – but only because it didn’t reach an extreme – we may see some minor slippage initially before continuing the gains that saw yesterday.

As for EURJPY that found a low at 129.23, we are looking at a corrective development and so far in a simple zigzag, followed by a Wave x and a Wave a. So we know we’ll need gains today but it will require a more sleepy USDJPY compared to EURUSD…

Good trading
Ian Copsey  

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