Thursday, August 1, 2019

A MOSTLY DOLLAR BULLISH DAY – BUT WE’RE MOVING INTO A REVERSAL

Yesterday wasn’t quite as I expected. For one, EURUSD almost developed a triangle but it ducked out and has taken the GBPUSD route. Indeed, it looks like a pullback in Cable wile EURUSD could see a little lower for a pullback.

USDJPY still needs further gains to reach the (navy) Wave iii, minor pullback and then to reach the (blue) Wave iii. The next part will either be a deep pullback in a Wave iv – or a deep Wave b/v. Equally, USDCHF needs a new high to form a Wave a/iii to then back to the Wave b/iii. 

When it came to EURJPY and its expanded flat, it was quite a deep move lower. Therefore, USDJPY needs to provide the oomph to see some decent gains while EURUSD should only see a minor new low – for a pullback that should help EURJPY rally back higher again.

The Aussie just needs a 5-wave decline to then revert back to the upside for a correction…


Good trading
Ian Copsey

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