Friday, June 1, 2018

WE SHOULD BE BACK INTO BULLISH MODE

Somehow, I was thinking that yesterday was Friday… Hmmm… Oh well, it is today anyway…

I had hoped that we had seen the high in EURUSD. Maybe we did. If that was the case, then we’re going to see a deep Wave (b)/(v). However, at this point, as long as the yesterday’s high breaks then we’re more likely to confirm alternation. GBPUSD? It could go either way – a final ABC higher or direct losses. I’d like to say that perhaps we could see a new low and then for a final ABC but frankly the upside in EURUSD is definitely limited.

USDCHF should also make a new low but should then reverse to the upside. USDJPY has most definitely found its low so we should be looking to the upside.

Just as EURUSD rallied firmly, I suspect the reversal should accelerate lower and this should see EURJPY on a piggyback ride lower. Perhaps there’s a risk of a triangle on the way down but in a Wave -v- it does suggest a slower development.

As for AUDUSD… only one way really – lower…

Have a great weekend
Ian Copsey  






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