Friday, July 20, 2018

MOSTLY DOLLAR BULLISH

Yesterday started out on the bullish side. Indeed, it lasted through to the early hours of my morning - just after midnight - and I thought all was well. When I awoke I was surprised with the deep pullback. This was a particularly annoying in EURUSD because I normally find the extreme pullbacks in an expanded flat to cap between the 38.2%-41.4%. Therefore, I had thought we'd then see losses. However, the expansion reached around 43%... Snafu...


So basically, we still need Dollar gains because the (purple) Wave (c) must break below 1.1509...

Of course, the other pairs suffered also, perhaps not quite so extreme. Other pairs saw losses but within a Wave i, Wave ii and Wave a and now looking at the Wave b/iii...

The other surprise was the break below 112.22 in USDJPY. That means it has formed a Wave i and needs a deepish correction - probably not too much today - and probably it may well see a slow pullback higher before losses. 

However, overall we should see a Dollar bullish day.

Have a great weekend
Ian Copsey



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