Wednesday, April 11, 2018

FRUSTRATED…

During the week’s break I was looking at the market, basically to try and keep up to date. I thought I’d caught the structure but clearly, I had not. These past two days has seen some grisly structures that really don’t make much sense although I suspect they are buried in the tick level – even the 1-minute has been exceptionally difficult. 

At least USDJPY is making gains but frankly, it's a bit of a mess. As long as the upside develops it should help provide a move above 107.49. However, I am very cautious considering the weirdness in general. I really thought I’d caught EURUSD also but that also fell apart. Again, without particular confidence, I am looking for a reversal lower soon. That is needed in USDCHF also. An even bigger surprise was the depth of the gains in GBPUSD. That sharp decline from the 1.4244 high just didn’t appear to suggest 5-wave decline but the depth of the pullback will contradict. 

Overall, it tends to suggest that we should soon be looking for Dollar gains again. 

I’ve been suggesting a triangle in AUDUSD but the recovery has been extremely deep. I can’t see the potential for an expanded flat so the outlook should be bearish – confirming the expectation of Dollar gains…

One point in EURJPY, with the break above 132.42 seems to suggest an expanded flat but I’m not exactly confident that we have seen the high. This should see a new high and reversal soon. 

Good trading
Ian Copsey  






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