We’ve hardly penetrated any real losses in the Dollar but then it’s quite common for the initial ABC to be pretty flat. The market has been used to a stronger Dollar and is loathe to give up the upside. However, we still need further Dollar losses so perhaps now we can see some modestly firmer Dollar downside. This was pretty well shown when GBPUSD broke above the 1.3200 area – this being the alternative I mentioned yesterday. However, it doesn’t have too much to go before reaching the target area.
There’s not a lot to comment on, to be honest. We’re going to see a repeat of yesterday but hopefully with some steady Dollar losses but perhaps today we may well see the other pairs also manage to complete the pullback.
Note that we’re approaching a lower degree Wave v in EURJPY to complete a single zigzag. Whether it can manage another zigzag is a bit vague. Much will depend on how willing EURUSD will rally. In USDJPY we are close to completing a double zigzag. The next puzzle is whether it can manage the final zigzag to complete a triple.
The Aussie has barely seen much of a pullback from the 0.7625 low. I’m slightly concerned about this as it’s a pair that tends to get lost in puzzling tangles. Let’s just say that if it doesn’t manage to make it back above 0.7698 then be wary of the downside…
Good trading
Ian Copsey
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