At least a minor bang – but a constructive one at least. However, not all pairs have completed their current moves so today will likely see some narrow consolidation at times, yes perhaps some decent moves but with the balance between the pairs that are extending moves versus those that haven’t completed the current development.
Therefore, there is going to be a need for some caution but I’ve provided the general expectation in the report.
I see the need for gains in EURJPY – probably limited – but still one of the two individual pairs will need to provide that push. USDJPY doesn’t really have much room on the upside – but if this reaches into the 113.63-69 area and drops that may work. The alternative is for EURUSD to push into the 1.1677-90 range for losses.
GBPUSD is a probability in terms of structure. I really found the development rather screwed up so I’d suggest taking care in this pair to confirm what should be a bearish outlook.
The Aussie should see losses – but there may be a risk of a triangle in the hourly chart. It’ll be best to take care for a move below 0.7640.
Have a profitable week
Ian Copsey
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