Friday, November 30, 2018

WE SHOULD SEE THE DOLLAR RISE AGAIN

Yesterday was a rather ragged day but for most of the pairs the Dollar managed to see some gains. Indeed, I suspect we shall see a new high in EURUSD – but only a minor one. Once that has been seen we should have a quorum to then see all pairs looking to the Dollar upside. Having said that, we are seeing some early foundation waves. For example, after a minor new high in GBPUSD we have seen a Wave a/i. As you can expect we shall need a Wave b/i and then down to the Wave c/i and back higher in Wave ii. Only then we can begin to see deeper losses.

It’s pretty much the same in USDJPY that should reach a Wave a over today and likely a pullback. USDCHF should form a 5-wave rally, a pullback and then further gains. That should leave EURUSD with its rather complicated consolidation – a new high – and only then it can build the bearish foundation waves. 

One pair that could be quite clear is AUDUSD – bearish…

As for EURJPY, I suspect a minor new high and then a reversal back lower.

Have a great weekend
Ian Copsey  






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