I was basically satisfied with yesterday’s development. We have some decent hourly bearish divergences in EURUSD and GBPUSD but I’d like to see deeper losses to confirm the highs. These were Wave -ii- retracements – EURUSD being 78% and GBPUSD was 65%. I can’t say that we have definitely seen the highs but there’s a decent argument from the divergences to suggest we should be going lower in these two pairs.
USDCHF has been seeing decent losses but it seems that we need one more drop – but that should be it. Indeed, as I write we’re very close to that lower degree Wave v and we have a minor bullish divergence also.
The walkabout in USDJPY yesterday was quite a shock. It seems the Wave iii – but it may well be an expanded flat – or even an irregular triangle. If it fails to get any lower then we’ll probably see the triangle.
The stronger rally in EURUSD generated a second rally in EURJPY to form a zigzag. I just have one concern and that’s the lack of any bearish divergence. Thus, be aware of the potential for a minor new high – or maybe it is just a divergent divergence…
It looks like the Aussie is testing the downside also. It’s hardly been a robust drop so we still need to allow for the upside headroom. However, overall, it has very little room to work with so frankly, we should be looking for losses pretty soon…
Good trading
Ian Copsey
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