Wednesday, June 20, 2018

WELL, THAT WAS A SURPRISE…

The Dollar actually managed to break above the recent highs… I looked at the Dollar Index and basically it has not yet satisfied alternation – and that’s actually quite a deep pullback. Now that we have seen further Dollar gains I suspect we’re going to see a shallower follow through and reversal. In EURUSD I suspect a stubbier Wave (c)/(i) and also USDCHF. Once they have formed these targets it will imply a deep Wave (ii). However, I can’t see this happening in GBPUSD. It now needs to complete the current decline – and that’s suggests deeper losses. Perhaps we shall see a consolidation at some point to let the others look for a pullback lower in the Dollar. 

I’m cautious in USDJPY – a potential expanded flat – but frankly, in the 5-min market, it doesn’t really have too much say to be honest so I’m still rather cautious in this pair. EURJPY is finely balanced and has choices on both sides of the current price. I’d suggest caution here today.

Finally, the Aussie needs to see a deeper pullback from the 0.7347 low before a new low.

Good trading
Ian Copsey  






No comments:

Post a Comment