Closer to a reversal

Ian Copsey Harmonic Elliott Wave

Having provided the headline suggesting a closer reversal soon, this tends to refer to EURUSD and GBPUSD only. In the meantime, while these two pairs were vying to see how strong they can be, USDJPY has been taking the lead on the Dollar bullish side. Indeed, it is already pushing higher this morning. I also feel that USDCHF has most likely found its low - although without a particularly strong bullish divergence.

The issue I have with EURUSD and GBPUSD is that I feel we have completed an expanded flat in EURUSD while GBPUSD does still need further gains. Maybe EURUSD could see a minor new high but GBPUSD still needs a modest follow-through. This will need a little care, particularly in EURUSD…

The bullish drive in USDJPY has been pushing EURJPY even higher but I suspect we’re close to a final high. It would be perfect if EURUSD tumbles earlier to turn off the gas to allow GBPUSD to see its follow-through.

As for AUDUSD, it’s always a tough grind. It has a mind of its own and once again it has evaded my expectations. Very much depends on the next break – whether upside or down…

Author

Ian Copsey

Harmonic Elliott Wave

Ian Copsey has been around in financial market for over 30 years, the last 23 years as a technical analyst. He focuses heavily on price development and structure as "it is the only way to generate accurate support and resistance".

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