Reversal and reversal and reversal

Ian Copsey Harmonic Elliott Wave

So… We may have seen the low in USDJPY after a zigzag lower but we may need to see a double zigzag. I say this because of the deep Wave iv in EURUSD that now needs to see a new high. As for USDCHF, well, it has its own way of developing and needs a final 3-wave decline but this pair can go SO slow that it could work. Once we have formed the final Dollar lows we can get back to the Dollar upside. Having said that, even then, we shall need the bullish foundation waves to develop before we can really get going on the larger daily Dollar rally.

GBPUSD has decided to take its own journey. So far we have reached the 1.3003 and now looking to see a reversal lower. If there is any risk, then it could be a triangle. At the same time, having seen a bullish double zigzag, we still have the option on a triple three. Therefore, do take care.

With EURUSD looking to the upside and an uncertain USDJPY, we should see a pullback higher in a Wave ii.

Finally, the Aussie needs a pullback but has a limit at 0.7156 but I suspect this will not be broken…Thus, watch for bearish reversal indications.

I’ll be back on the 1st April… (No kidding!)

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".

EUR/USD extends its optimism past 1.1900

EUR/USD retains a firm underlying bid, surpassing the 1.1900 mark as the NA session draws to a close on Monday. The pair’s persistent uptrend comes as the US Dollar remains on the defensive, with traders staying cautious ahead of upcoming US NFP prints and CPI data.

GBP/USD hits three-day peaks, targets 1.3700

GBP/USD is clocking decent gains at the start of the week, advancing to three-day highs near 1.3670 and building on Friday’s solid performance. The better tone in the British Pound comes on the back of the intense sekk-off in the Greenback and despite re-emerging signs of a fresh government crisis in the UK.

Gold picks up pace, retargets $5,100

Gold gathers fresh steam, challenging daily highs en route to the $5,100 mark per troy ounce in the latter part of Monday’s session. The precious metal finds support from fresh signs of continued buying by the PBoC, while expectations that the Fed could lean more dovish also collaborate with the uptick.

XRP struggles around $1.40 despite institutional inflows

Ripple (XRP) is extending its intraday decline to around $1.40 at the time of writing on Monday amid growing pressure from the retail market and risk-off sentiment that continues to keep investors on the sidelines.

Japanese PM Takaichi nabs unprecedented victory – US data eyed this week

I do not think I would be exaggerating to say that Japanese Prime Minister Sanae Takaichi’s snap general election gamble paid off over the weekend – and then some. This secured the Liberal Democratic Party (LDP) an unprecedented mandate just three months into her tenure.