Friday, July 27, 2018

EARLY PULLBACK AND REVERSAL

It was a decent day’s work yesterday. We’ve seen EURUSD and GBPUSD top out for losses. USDJPY may have seen a low but there’s still potential for an expanded flat to extend losses. So this pair remains rather vague at the moment. Equally, while USDCHF actually made some decent gains, we’ve not yet confirmed a second 5-wave rally. Therefore, there is a mild risk of a break below 0.9901. If we do see the break above 0.9955 it will tend to suggest a Wave i and for a pullback in Wave ii.

Thus, the two safer majors – EURUSD and GBPUSD – are probably the best pairs to trade. Well, perhaps I can add AUDUSD also to EUR and GBP to safer outlooks. These three seem to require a minor follow-through and a reversal.

EURJPY? Pretty much the same as EURUSD and GBPUSD – minor follow-through and a deeper pullback… Whether we get to complete the corrections today or not is the question… I’d like to think that we could see a reversal after the pullback… but in this sultry weather I’m not totally convinced…

Have a great weekend
Ian Copsey  







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