My goodness, that was a slow day, meandering through the higher altitudes in GBPUSD and EURUSD with the deprivation thin air making the market rather light headed. Even now, 24 hours later, GBPUSD has approached the 1.43442 high within a slim whisker. That was the precise 58.6% but Wave (iv)’s can produce a little more and there is a daily bearish divergence.
So, within a slim range, we are beginning to see several pairs beginning to wilt. AUDUSD is one of them that should soon turn lower having developed an expanded flat. EURUSD appears to have topped out – a break below 1.2362 would confirm. At the same time, USDCHF also saw deeper (Dollar) losses but could see another dip along with USDJPY.
Watch carefully in AUDUSD and once this finds its high we should begin to see a firmer Dollar resuming…
All this tends to suggest a slow start to today’s session in Asia so we’re likely to see some neutral, insipid trading before the European session.
Good trading
Ian Copsey
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