Wednesday, May 2, 2018

GETTING TOWARDS A PULLBACK

Well, it looked like a mixed bag but it suddenly decided to take a fancy on the Dollar upside. I have some pairs that appear almost complete but others that need further gains. This isn’t a particularly ideal situation and therefore we’re still going to need some flexibility – either to allow the apparent stronger pairs to follow through while others may not. 

However, I suspect that we’re now closer to a deeper pullback. USDJPY still needs further gains – but not too much. EURUSD should see a new low but followed by a quite a deep pullback. I suspect we have seen a high in USDCHF at 0.9969 – but just for a deep pullback. GBPUSD still suggests further losses but then a pullback. The Aussie – I reckon we’ve found the low (or a minor new low.)

As for EURJPY, the combination of limited follow-through in both USDJPY and EURUSD will risk a consolidation I suspect…

It certainly looks like a rather ragged day…

Good trading
Ian Copsey  






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