Friday, July 6, 2018

NOW THE DOLLAR SHOULD RALLY

Well, we did see a move towards the 1.1721 high in EURUSD… in fact, just 0.00005 below 1.1721 and that confirmed a triple three. GBPUSD also saw a minor new high but still in the area where a triangle top could develop. That left USDCHF looking pretty dizzy and makes the chart look like a toddlers’ scribble while USDJPY steadily saw ratcheting gains. So it was a rather dull and slow day but has, at least, found us now looking for the Dollar to start doing its magic. Having said that, there’s still room for lower degree noise to develop over the Asian session.

So, I’m expecting a slow start but later more constructive development that should provide the foundations for a stronger Dollar rally.

AUDUSD has been rather lackadaisical but as mentioned yesterday the risk of a new high in an expanded flat appears to have dissipated and therefore both GBPUSD and AUDUSD have the same structure. We should see losses in both GBB and AUD…

With EURUSD making gains yesterday along with USDJPY, we have seen a new high in EURJPY. It has potential to break above yesterday’s high – but it’s a tight balance. Much depends on the balance between the two intrinsic pairs. However, it looks like we are seeing a triple top…

Have an enjoyable weekend
Ian Copsey  






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