Thursday, October 11, 2018

A GOOD CHANCE OF COMPLETING THE DOLLAR LOSSES TODAY

Yes, we have seen some solid Dollar losses but, my, what a long and winding road that was required. I almost thought we’d have to go through a roundabout several times to get to where we are now. As a rough guide, USDJPY appears to be in the final stretch. EURUSD needs a whippy bullish development and USDCHF is about to complete the final Wave a for a pullback and a final low. GBPUSD is pointing higher and has a structure very similar to EURUSD – pretty whippy but once we find that high we’ll begin to look towards the Dollar upside…

AUDUSD is a little complicated. I had been expecting a deeper rally but yesterday saw a drop down to just 2 points above the 0.7042 low. I feel that we actually need a second rally – but take care because it’ll be easy to test the 0.7042 low. It may be best to work with breaks.

As I mentioned yesterday, there was a risk of complications in EURJPY. It appears to have been an expanded flat and therefore should see losses. It may just work with a new high in EURUSD and a declining USDJPY. Once EURUSD and USDJPY complete their follow-through we’re more likely to see a more bearish EURUSD compared to USDJPY…

Good trading
Ian Copsey  






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