On the whole, we have seen the Dollar pushing higher but certainly not to the end of the outlook I put together. However, it has provided some steady gains and at a guesstimate, I’d suggest we’ve gotten through around half of the outlook I gave. Right now we are looking to soon see further Dollar gains but in what looks to be a zigzag – although not the corrective type but a 3-wave move in a Wave v. Once that has been seen, we’ll need a pullback. Thus, it looks like we’re going to see some broad swinging moves rather than a trending move. Be prepared for limited moves in both directions. In GBPUSD there may well be a risk of a complex correction – but we’ll have to judge that when we get into the middle of the range.
In EURJPY, we appear to have formed a structure that doesn’t really allow for gains so I really can’t directly see room for a trend unless USDJPY drops lower soon after the Dollar swings. I’d suggest taking care in this pair.
As for AUDUSD, well flip… it’s done a walkabout from the 18thMarch through a long, erratic sideways move. I’d like to think that it can see losses but an alternative view could just see a longer ranging triangle. It could be a tricky week.
Have a profitable week
Ian Copsey
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