Monday, February 25, 2019

BUILDING THE DOLLAR UPSIDE

Last week was a rather up and down – but mainly on a Dollar bullish outlook. This should now see some stronger development. GBPUSD has managed to provide a decent Wave i and Wave ii that should generate some further losses. EURUSD has formed two Waves i and Wave ii – basically meaning that once the second Wave i/ii has completed a 5-wave decline, it will form the Wave -a- for a pullback and then down to the Wave -iii- - and onwards. USDCHF decided to take the day off and completed an expanded flat in the Wave ii. Therefore, we should be heading higher. Equally, USDJPY failed on the upside but then formed a deeper Wave ii. 

The Aussie completed its expanded flat that is looking to see some decent losses…

Therefore, as I mentioned above, this should now see some firmer Dollar bullish development.

As for the EURJPY cross, it has copied the EURUSD outlook – having seen a Wave -i- and Wave -ii-, followed by a Wave i, Wave ii and also Wave a/iii and b/iii that should then move down to the Wave c/iii, iv and v to see the Wave -a-/-iii-.

Basically, we’re on track.

Good trading
Ian Copsey  






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