These past few days have been a challenge. Over the past few days, I have seen a 57% projection in a Wave C in AUDUSD. Normally I don’t consider this ratio to be valid in this position. I also note that in EURUSD from 1.2004 there was a similar potential Wave c projection in EURUSD of 57.6% that I passed over. So the rally from 1.1669 has been pretty damn strong. It’s making the general correlation and the basic expectations in USDCHF to be skewed. Even GBPUSD has seen a deeper pullback than I would have liked and is now challenging a bearish divergence line.
At the same time, we have seen what appears to be a break higher in EURJPY that should make a new high above 134.40. What is going to drive the rally? Well, USDJPY has upside potential but EURUSD appears to be coming to an end – but having written that – hourly momentum has popped its head above a bearish divergence line. If this caps early then there’s still a bearish divergence but not quite so firm.
All is not good…
I can see a potential alternative but which would still cause conflict across the pairs.
Of all the pairs, strangely enough, it’s AUDUSD that appears to have a firm bullish outlook – basically what I had expected for the U.S. on the downside. However, the different positions throughout the pairs is rather higgledy-piggledy.
This needs some care and attention and for me to research alternatives…
Good trading
Ian Copsey
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