Friday, April 13, 2018

TODAY SHOULD SET UP THE NEXT STRONGER TREND

When you know where the Dollar is going over the coming months, it’s difficult to think that we can see so many Dollar bearish pullbacks. However, as far as I can see, after today I feel that we’ll finally get to begin the next – firmer – gains in the Dollar. Today should set this reversal back to the Dollar upside. In the process of the reversal it still needs a bullish Dollar but hopefully, it will then pull the trigger. 

Yesterday’s losses in EURUSD were constructive but now needs to see a pullback higher. At the same time we have seen firmer gains in USDJPY – and with these two combined it should lead EURJPY to a new high. Once that is done, we’ll be looking more towards the Dollar to take up the reigns. Even then, we’ll need to establish the foundation waves and the potential for a high in USDJPY for a correction lower. So, it looks like quite a mixed bag across the pairs over the coming week.

Even GBPUSD has pushed higher and appears to need a new high. It was not expected but from the 1.4344 high, I missed a rather ragged and untidy deep Wave b/iii in the process – and it was that which has caused some problems. Once we have seen the high in GBPUSD we should turn back to the downside. 

The Aussie may well have seen its final high but we may need a final new corrective high – and very close to the extreme. It’s touch and go between a deeper pullback (but not too deep) or just direct losses.

Have a great weekend
Ian Copsey  






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