Wednesday, June 6, 2018

STILL LOOKING FOR DOLLAR GAINS

Yesterday provided the gains in the Dollar – but then a deep correction. That was annoying but clearly within the individual structures we’ve only just started the next leg higher. The only disappointing issue as that GBPUSD decided that it really wanted to make another high. However, we’re within spitting distance of the high and that will then trigger the downside to confirm Dollar gains.

As the day begins, we should see USDJPY correcting lower. I suspect it won’t be too deep because USDCHF has barely any room on the downside. EURUSD is pretty much in the same situation – just 12 pips below the Wave (iv) high. 

Overall, it suggests the normal Asian session that tends to prefer limited ranges and that actually suits the balance to allow GBPUSD to make a final high for all 4 majors to point to the Dollar upside.

Another annoyance is that EURJPY has just pushed above the prior high at 128.71 to reach 128.76. However, I suspect – and have just confirmed that instead of a triple three, we have seen a single zigzag higher… Therefore, we should soon see losses.

As for the Aussie, it seems it needs a little deeper pullback before losses resume…

Good trading
Ian Copsey  






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