The Price Equilibrium Clouds are doing their jobs quite well. The 4-hour Clouds are providing support for the Dollar, particularly in EURUSD, USDCHF and GBPUSD. It’s just USDJPY that has been floundering having seen price dip below the 4-hour Cloud. It shouldn’t be too much of a problem because the Cloud is moving sideways and that does provide the potential for a crossing back above the Cloud.
With EURUSD still on the Dollar bullish side of the 4-hour Cloud, the outlook remains for follow-through and this should provide the potential for EURJPY to be dragged lower by its master. Of course, USDJPY could make a stronger stance that could see a higher price in the Cross but its 4-hour Cloud is declining sharply and that should imply further losses.
As for AUDUSD, well it’s doing the job it’s supposed to be. It’ll keep on doing what it’s been doing and basically in line with the majors…
Good trading
Ian Copsey
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