That was a better day. We’re back on the Dollar bullish track but very clearly in the early stages of building the basis for a stronger Dollar. This is still going to need some care, given the markets’ are still rather cautious having seen the deep pullback over last week. However, if we take GBPUSD as an example, the expanded flat it formed will clearly need losses back below 1.3711 and you can bet your bottom Dollar that it will break through that low by a margin.
While there can be a pullback in some of the pairs after yesterday’s Dollar strength, we shall need to take care and watch for the reversal. Having seen some pairs with a Wave (i) using retracement ratios are rather flaky so better use momentum. However, for example, we have EURUSD looking to break through the 4-hour Price Equilibrium Cloud while USDCHF is attempting to break clear of its own 4-hour Price Equilibrium Cloud – just as GBPUSD is doing the same. Indeed, USDJPY has managed to break above the 4-hour Cloud having following a retest of the Cloud high.
AUDUSD should, theoretically, see a deep pullback but I very much doubt it will be deep due to alternation having been confirmed. This should keep track with the rest of the pairs.
Finally in EURJPY, while I was watching the recovery moving towards the extreme of the recovery I realised that we were going to see an expanded flat – and so it was. We may see some minor gains but overall, once EURUSD has given up on its rally, we should see some decent losses.
Good trading
Ian Copsey
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