Friday, August 9, 2019

THE SLOW DEVELOPMENT CONTINUES…

At least, we have seen some Dollar gains but it’s slow going. Having said that, I’m not too surprised with GBPUSD still appearing to be developing a triangle that will need pullback and then losses. If we just see losses, then we’re looking at more impulsive development. However, I doubt this because we still have to see losses in USDJPY and, by gum, it’s been slow, but I still look for the downside.

Another pair that has been creeping around – EURUSD – should be seeing losses to catch up with GBPUSD. However, we mayneed to allow for a triangle. I tend to doubt this due to GBPUSD… For USDCHF, we have choices. Does it finally see a triple three or a pullback higher? Perhaps USDJPY would partner with the Swissie…

I also have a bearish EURJPY and with USDJPY most likely driving the two pairs (with EURUSD) the downside still seems very vulnerable…

No bearish divergence in AUDUSD. This could see minor losses but overall, we need a bearish divergence to push lower… That looks like a job for next week…


Have a great weekend
Ian Copsey

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