Thursday, May 31, 2018

WE SHOULD SEE A REVERSAL BY THE END OF THE DAY

We really have a mixed outlook. However, the key for today is down to EURUSD and GBPUSD. They still need a bit more to the Dollar downside before a reversal. This may trigger a new low in USDJPY and more than likely in USDCHF. These endings should then set up the next stage of the journey. 

To be honest, it’s not going to be a trending day and more likely a sort-of messy swings day. Therefore, keep your trade short and sharp. If there’s any better trade then it’s when we see the extremes of the Dollar downside. 

I was all geared up to see a move into the triangle area but then it shot straight up along with EURUSD and GBPUSD. So now we have to develop a second zigzag lower. More than likely, it’ll be a rather cranky initial decline before the deeper losses.

As for EURJPY, its rally was perfect. There is a bit of room on the upside – but not too much. That will likely be due to the rising EURUSD and bearish USDJPY… Once EURUSD has completed it’s high we should see losses resume…

Have a great weekend
Ian Copsey  






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