Thursday, October 4, 2018

THE MARKET SEEMS TO LIKE THE DOLLAR

Yesterday provided the goods with a pretty decent rally in the Dollar. It will still need further gains but the early risk is for a pullback lower. This will be the tricky bit. USDJPY may have the potential for direct gains. I’d suggest waiting for a move above 114.60 first – just in case I have made an error due to the very difficult lower degree development. 

Equally, EURUSD also seems to suggest losses but most likely a slower development over the Asian session - perhaps even a consolidation before the losses. 

USDCHF does look like seeing a pullback lower – and would suggest quite a deep one – before further gains can be seen. The same can be said of GBPUSD for a pullback before any losses. This should see EURJPY moving lower once more. How this all balances out seems to require a range of corrections/consolidation spanning Asia and Europe before the Dollar finally manages to push back higher once again. 

As for the Antipodean, it seems to have limited pullbacks and firmer losses…

Good trading
Ian Copsey  






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