Early Dollar gains for a pullback

Ian Copsey Harmonic Elliott Wave

For the most part, Friday was basically as I had expected. It was just GBPUSD and AUDUSD that ruined the plot. That GBPUSD made a break above 1.2815 provoked a huge rewrite of the decline from the 1.3175 high, Basically, the 1.2477 low was the (purple) Wave [a] and this was followed by a pullback – new low and we should complete the expanded flat pretty soon. This will then require losses. The Aussie broke above the break level that effectively saw the 0.6684 low to form a Wave [i]. However, both of these problems will be short lived …

Otherwise, USDJPY needs a new high for a pullback. EURUSD should see losses – for a pullback. USDCHF … well, it looks to be looking to the upside.

This just leaves EURJPY to complete a pullback higher and then back lower…

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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