Monday, August 5, 2019

BACK TO THE DOLLAR UPSIDE…

I went through the analysis over the weekend. There were still some pairs that had to complete their moves. The one pair I have that is a little tricky is in USDJPY. I have kept it as a triangle, but it is a rather extreme Wave ^E that tends to make me cautious. Therefore, it’ll be prudent to confirm a reversal higher. 

Indeed, the other 3 majors are fine and dandy. I had looked for GBPUSD to move to a new high on the open. That’s done. EURUSD also made a new high – a 78% Wave b/iii. The other pair, USDCHF, was another difficult development but once I put in the triangle that I missed last week, it basically formed an expanded flat to form a (blue) Wave [b] – so allowing for a little lower, we should soon see gains resume.

The Aussie was a “could be a deep pullback … or a shallow pullback…” and the market chose a shallow pullback. So now we should be seeing losses…

EURJPY, as far as I can see, suggests a limited downside and, I hope, that we’ll see a pullback…


Good trading
Ian Copsey

No comments:

Post a Comment