Thursday, August 8, 2019

STILL LIMITED DEVELOPMENT, MOSTLY DOLLAR BULLISH EXCEPT USDJPY

I have changed my mind about the extreme losses in USDJPY. However, we should see losses that should move below 104.69 and later and then we have to take care. It’s possible to that we can see a little more.

Meanwhile, excluding USDJPY, I am still expecting to see a triangle in GBPUSD although it’s possible to see a move lower, but we’ll have to take care. I’ll try and explain this within the individual pairs.

EURUSD needs to form more decent losses. If we are to form a triangle then the we’ll have a long, slow development. If you see a stronger decline, then the triangle is likely. If we see a limited decline, then we’re more likely to form a Wave i and then a Wave ii.

We may have seen the low in USDCHF within a double zigzag. However, there is the risk of a final zigzag to complete a triple three. Keep both in mind and I’ll let you know the break level to see gains.

Still in EURJPY, we have options. I tend to feel that we won’t have a complex correction. We should see losses through USDJPY and the balance between the EURUSD options – so overall losses.

As for the upside-down pair, AUDUSD still seems to need a slightly higher pullback. We don’t have a bearish divergence at this moment but that’s something we need to note. This pullback, as I mentioned yesterday, needn’t see a strong move higher.


Good trading
Ian Copsey

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