Yesterday was nothing like I had anticipated. What’s more, the balance between the pairs has become rather fractal – not for the fractal waves, but more that there appear to be conflicts between the currencies in terms of a “balanced” structure across the pairs.
For example, GBPUSD raced higher while EURUSD remained at lower levels but will need a deeper pullback. Yes, there is the potential for GBPUSD to make a second 3-wave rally but it also has the option to see more limited gains – but EURUSD must go higher. If not, then the follow-through in EURUSD will be stronger. Basically, this means there are two alternatives and we’re going to have to work out which option will develop…
The other issue is the deeper losses in USDJPY and USDCHF. In USDJPY we have barely any downside – the maximum being at 108.28. If that breaks then we’ll see a modest follow-through and reversal higher. In USDCHF, I have adjusted the structure but it has only room to 0.9307 else it will see a move towards the 0.9250 low.
If I bring in EURJPY here, it should have limited losses and a pullback. Probably it will be a rather whippy day. As for AUDUSD, well it also looks like it’s gonna be a swinger too.
Keep trades short and take profits when you can.
Have a great weekend
Ian Copsey
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