Wednesday, August 14, 2019

SOME PUZZLES TO BE SOLVED

Yesterday was not quite as I had expected. 

Let’s start with EURUSD. I have been battling with a potential triangle, but it doesn’t seem to have been a triangle. I would call it a “mess”. I have come to the point where I feel we may see a new high – but below 1.1266. Over the day, we should see losses in this pair. It will be best to remain neutral until we finally get back to the Dollar upside.

USDJPY… I’ve had to make a slight adjustment and we should be looking for losses over the day – and that’s definitely required. Whether it gets below the Wave iii, I’m not so sure. It seems that USDJPY and USDCHF appear to be buddies and both should see losses. Whether it will get below 0.9659 is something to consider. If it does, then we’ll need another final zigzag lower.

GBPUSD hasn’t found the highs I had thought. I’d prefer to see a deeper pullback, but the alternative is deeper losses – that’s going to be interesting…

Down under, we’re still battling between a new high or a direct decline to new lows… It’s tiresome, but we’ll have to bear up…

I’ve provided the potential for an expanded flat, but frankly with USDJPY moving lower again, I suspect we’ll be looking to the downside. The only puzzle is in EURUSD. Will it see a new high or, direct losses…


Good trading
Ian Copsey

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