Ian Copsey
Harmonic Elliott Wave
Done and dusted. Well, I have some doubts over EURUSD but the 1.1385-93 area is possible and the 1.1404 is the limit. USDJPY has already begun the upside along with USDCHF. It looks most likely that GBPUSD is going to see losses – and over time I suspect it’s going back below the (blue) Wave [x]. Well, that will be the key level that will imply further losses.
So far, in USDJPY, we have seen the lower degree Wave i and Wave ii that will then build the Wave a/iii, Wave b/iii and onwards. EURUSD I feel has found a high – but note the comment above. USDCHF has reached a Wave a – having seen the final low while GBPUSD should be heading lower.
I was puzzled with AUDUSD but then I spotted the lower degree Wave i and onwards to reach the Wave v – so even the Aussie appears to look for losses. However, having seen a double zigzag – and the slowness that this pair can see, I’d still be cautious of a triple three – but it ain’t gonna happen today I feel.
With EURUSD looking to the downside and USDJPY on the upside we’ll have a battle to see which pair makes the stronger move. I fancy the downside – but take care.
The Daily Forecaster is an analytical tool only and is not intended to replace individual research. The service is offered as an opinion on the current state of the market with anticipated trading signals but not recommendations. The information provided in The Daily Forecaster should not be relied on as a substitute for extensive independent research before making your trading/investment decisions. Ian Copsey is merely providing this service for your general information. No representation is being made that any view or opinion will guarantee profits or not result in losses from trading. In addition any projections or views of the market provided may not prove to be accurate. The opinions are subject to change without notice. Opinions or views expressed in The Daily Forecaster are not meant to be either investment advice or a solicitation or recommendation to establish market positions. Ian Copsey will not be responsible for any losses incurred on investments made by readers and clients as a result of any information contained in this service. The information contained is private and may not be distributed or shared.
Recommended Content
Editors’ Picks
EUR/USD edges lower toward 1.0700 post-US PCE
EUR/USD stays under modest bearish pressure but manages to hold above 1.0700 in the American session on Friday. The US Dollar (USD) gathers strength against its rivals after the stronger-than-forecast PCE inflation data, not allowing the pair to gain traction.
GBP/USD retreats to 1.2500 on renewed USD strength
GBP/USD lost its traction and turned negative on the day near 1.2500. Following the stronger-than-expected PCE inflation readings from the US, the USD stays resilient and makes it difficult for the pair to gather recovery momentum.
Gold struggles to hold above $2,350 following US inflation
Gold turned south and declined toward $2,340, erasing a large portion of its daily gains, as the USD benefited from PCE inflation data. The benchmark 10-year US yield, however, stays in negative territory and helps XAU/USD limit its losses.
Bitcoin Weekly Forecast: BTC’s next breakout could propel it to $80,000 Premium
Bitcoin’s recent price consolidation could be nearing its end as technical indicators and on-chain metrics suggest a potential upward breakout. However, this move would not be straightforward and could punish impatient investors.
Week ahead – Hawkish risk as Fed and NFP on tap, Eurozone data eyed too
Fed meets on Wednesday as US inflation stays elevated. Will Friday’s jobs report bring relief or more angst for the markets? Eurozone flash GDP and CPI numbers in focus for the Euro.