Wednesday, May 9, 2018

GETTING CLOSER

The general sideways – to Dollar upside has continued but it shouldn’t last for too long now. EURUSD will likely still need a deep pullback and a second decline but otherwise it looks like GBPUSD could find its low today but I’ll wait just in case it goes into slow motion. USDJPY appears to have become bored with the consolidation and should see losses over the day. The only risk is a direct recovery from the open that could still see the consolidation develop.

That leaves the only other major – USDCHF – that has managed to retain a certain sense of kinda stability but suggests the potential for further losses rather similar to USDJPY. How firm this will be is uncertain but we shall have to be aware of the general Dollar bullishness in EURUSD and GBPUSD.

The Aussie… After having written yesterday’s report we saw losses and that has needed quite a decent decline and it’s not yet complete. Indeed, this pair may well be similar to GBPUSD in terms of the ragged moves. However, I don’t think we’re going to see firm losses…

Good trading
Ian Copsey  






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