Friday, February 1, 2019

WE’RE STILL IN THE DOLLAR BULLISH FOUNDATION DEVELOPMENT

The Dollar market remained soft for quite some time during the day but we should now have turned back to the Dollar upside. We have a varying range of development but very much in the early stages of what should later be a strong move higher in the Dollar. Of course, it will need swings but this month does seem to have the sense of a stronger Dollar overall. What with the bitching in Parliament and the total bedlam, this looks like a 1920’s farce. 

So we’re still in the lower degree development that should build up over time. However, once we have reached the higher degree development we should see a stronger structure develop.  Today will be one that will see limited 5-wave moves to build the higher. 

For now, we can look to the Dollar upside although the start of the day – particularly in the Asian centre that tends to normally remain cautious and accepts the pullbacks. Equally, down under, the Aussie has found a high and should be heading lower. 

As for the EURJPY cross, I was surprised by the losses – just a stronger decline in USDJPY forging the way. To see it move more strongly lower it will need a more active EURUSD… 

Have a great weekend
Ian Copsey  






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