Further dollar gains

Ian Copsey Harmonic Elliott Wave

We saw some modest gains in the Dollar yesterday. We should see more today but once that has been seen we should suffer a pullback. USDJPY has been seeing some slow, but constructive gains and I’m expecting more. EURUSD was a rather a sideways move but we should see it lower – and equally in USDCHF.

The good old Sterling had quite a solid decline initially but then began to build a sideways move. I don’t think it’s a consolidation but more of a minor Wave i and Wave ii, followed by another lower degree Wave i and Wave ii… If I have that correctly, then we should see some decent losses.

While all were in a general range, EURJPY took time to see a second rally. This additional high really doesn’t have any room for further gains so really, we should be looking for losses. The Aussie managed a new high but I reckon we’re going to see losses now…

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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