Friday, July 13, 2018

ANOTHER DAY - FURTHER DOLLAR GAINS

We have seen some steady gains in the Dollar. There will be pullbacks – but we have some way to go in this particular leg and I suspect it will last through towards the end of next week – unless we get tied up in a sideways consolidation…

Today broadly suggests some decent Dollar gains. However, initially we shall need some minor swings to provide the foundation waves for the next higher degree rally. However, USDJPY may well be a rather stick-in-the-mud as it will need a modest pullback – and that could provide a pullback in EURJPY. The balance between these two is rather critical because once the cross tops out – and that should be pretty early on in the day. The cross still needs one more rally after the pullback and that’s the puzzle we need to solve. 

USDCHF needs a rally and then a deeper pullback. GBPUSD now appears to have suddenly realised that it has to move lower also – barring the pullbacks that will likely develop towards the end of the Asian session. 

That leaves the Aussie but this pair has options. It could see further pullbacks higher – or just direct losses. This makes life rather difficult to judge so take care.

Have a great weekend
Ian Copsey  






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