We’ve seen more Dollar bearish development and actually this suggests some follow-through. It is very clear that the market players aren’t playing – or maybe they are and that’s why they’ve left it to others to work in thin liquidity. I’ve always preferred to just shut down the shop during this period because of the mangled, complicated indifference.
That EURJPY broke the highs suggests that EURUSD will likely go higher – but USDJPY should also. Within all this, the frenzied and frazzled fractals also generate added complications. From this point forward it will be prudent to limit the period of time with a position.
Overall, I tend to feel that this rabid development will continue through to the end of the year – although within that time I feel GBPUSD will find a new high in the Wave ^C. I still feel there may be a deeper pullback in USDCHF but it won’t be long before it will begin to reverse back higher.
The Aussie appears to be bearish…
Take care in these markets…
Good trading
Ian Copsey
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