I was feeling quite comfortable as I entered a few hours sleep. I woke up around 3am and began to go through the analysis and… smack, bang and a bomb exploded. December market syndrome…
So I spent much of the time having to work through the mess. Mostly it is done – there could be minor new Dollar losses but overall we should then revert back to the Dollar bullish development.
After that Dollar crash, we have very little wriggle room before it turns around to continue further losses. However, I can’t see that happening with all the foundation development that has gone on before. One pair, USDCHF does have that downside options – but again – just a limited dip. The Aussie could do the same although it will need a pullback first before a new high.
Overall, that suggests that we’re going to see limited initial moves, hopefully for the foundation waves for the next push higher in the Dollar – and that tends to provide the outliers in USDCHF and AUDUSD to complete their moves.
It looks like a choppy day…
Good trading
Ian Copsey
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