Tuesday, August 6, 2019

CAUTIOUS AT THE START BUT OVERALL, WE SHOULD SEE DOLLAR GAINS

It wasn’t quite the day I had expected. The balance between GBPUSD and EURUSD was quite astonishing. What we saw in EURUSD was an 81.7% retracement in a Wave b/iii. GBPUSD took the opportunity to have a nap. While I can’t say that we’ll see direct losses, quite frankly we may see a pullback higher before both pairs seeing losses. However, we shall see losses in both pairs.

I am still slightly uncertain in USDJPY. I have provided a triangle, but the depth of losses is something that I have not seen in a triangle. Indeed, there is still a risk of a new low… and frankly I feel this may come to pass…. It will be prudent to be aware of both alternatives…

USDCHF managed a deep, deep expanded flat and almost broke below the 0.9693 low – but has managed to provide a bullish divergence. Overall, we should see this pair push higher again now. 

I mentioned GBPUSD above. All I can say, is that we should now see losses and to work lower to the targets I have been suggesting.

I also had to change the bearish structure in EURJPY to see a pretty deep Wave -b-/-iii-. Now’s the time to see losses but much depends on the balance between the two pairs – even to the possibility of a triangle or any complex correction…

As for the Aussie… well, it really didn’t do very much – perhaps drinking Aussie’s finest beer and having a sleep. However, I suspect we shall see losses…


Good trading
Ian Copsey

No comments:

Post a Comment