We’ve seen quite a decent rally in the Dollar but we’re now running into areas that suggest more corrective development. This isn’t a major thing but more an intermediate pause. Having said that, once the (expected) correction develops I can’t see a massive follow-through at this stage. This basically suggests short-term scalping will be the better option.
I’m still slightly uncertain of the USDJPY structure. It keeps beating my attempts to capture the lower degree structures. We’ll also soon see a correction in EURUSD and we’re already expecting a modest correction in USDCHF. These aren’t huge moves but more getting trapped in Wave iv’s. This should soon be seen in GBPUSD also.
The Aussie has been extending losses and rather like GBPUSD, we should see a lower degree Wave iii for a pullback – follow through to the Wave v – which will be a Wave -iii- and thus will need a pullback. We’re also running into the Wave iii and Wave iv in EURJPY.
All good fun and jolly good company…
Good trading
Ian Copsey
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