Early pullback and later follow - through

Ian Copsey Harmonic Elliott Wave

We appear to have a quorum in terms of the majors having completed the Dollar losses for now. As we set forth into the Asian centre, it looks like we have a minor consolidation – as normal – but this will be a time to allow some pairs to generate a Dollar pullback while others need a new high and then a reversal. Once we have gotten through to the European session, we’re more likely to see the Dollar raise its hand to push the Dollar higher.

Indeed, yesterday saw the reversal through the 4-hour Price Equilibrium Clouds to the Dollar bullish side. Perhaps we may see a pullback back to the Cloud (Dollar) lows before heading back higher.

EURJPY is rather difficult but we should see a dip lower and a pullback. We may even have to suffer a consolidation with USDJPY expecting gains overall and, of course, a bearish EURUSD… Therefore, take care in the decline.

The Aussie… ohhhh… the Aussie. All it had to do was tip above the 0.7314 high but it stalled 13 pips below and completed an expanded flat. Therefore, we should see the high today – and just in time for when the majors have completed their consolidation…

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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