Tuesday, August 7, 2018

LIMITED DOLLAR DOWNSIDE – STRONGER UPSIDE

Well, we really didn’t need to worry about minor Dollar losses from the start yesterday. Basically, the market just appeared to dive straight into buying Dollars. What about today? Guess what? We should see a repeat of yesterday.

Yes, there is potential for a minor dip in the Dollar over the Asian session but overall the Dollar should be pushing higher over the day. We have the 4-hour Price Equilibrium Clouds pushing higher in the Dollar – although USDJPY needs to provide a bit of an “oomph” to get itself pressing about the 4-hour Cloud but I’m pretty sure we’ll see that over today.

So, losses in EURUSD and GBPUSD together with gains in USDCHF and USDJPY should be the order of the day.

AUDUSD saw a limited range day - clearly the market had a hangover. There’s still room on the upside but frankly we should be looking for losses in this pair also.

EURJPY? Could see some initial consolidation but overall the outlook remains bearish.

Good trading
Ian Copsey  







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