Thursday, February 7, 2019

OK… NOT QUITE YESTERDAY - BUT SHOULD SEE THE DOLLAR REVERSE PRETTY SOON

Phew… EURUSD has stretched to the limit. USDCHF has reached a Wave iii and will need a pullback and later a mini Wave v. (It loves doing that…) USDJPY only needs a modest break above the current high and GBPUSD remains flapping about like an old scrappy duck. 

Basically, leaving out GBPUSD because British politicians argue and bitch to make them think they’re clever, the other 3 majors should see a reversal back to the Dollar downside. Most likely this will linger through to the Europeans session. Therefore, be prepared for a pullback to yesterday’s Dollar gains. 

This should see EURJPY turn back higher and should see a rally. Even then, with EURUSD moving higher and USDJPY lower, there is a risk of consolidation – or just ragged, scrappy stuff.

As mentioned yesterday, I wasn’t too comfortable with the limited losses. It did a good job of that but we still have to be cognisant that we have only seen a double zigzag and therefore there is a risk of a final 3-wave rally to form a triple three…

Good trading
Ian Copsey  






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