Today will complete the reversal to the Dollar upside

Ian Copsey Harmonic Elliott Wave

To be honest, it’s only GBPUSD that has not yet found its high. USDCHF managed that on Friday along with EURUSD. We all know that USDJPY has already been climbing the Dollar ladder for the past week. Will GBPUSD find its high today? Most likely it will.

Having said that, we’re likely to see EURUSD see an early pullback higher before we can begin the process of developing Dollar bullish foundation waves for the next leg higher. Most likely USDCHF will see a minor pullback lower. Once GBPUSD has completed the next rally all four majors should –finally – come back into correlation.

With EURUSD seeing a pullback in the early stages and the potential for USDJPY to also push higher, the risk is for a modestly firm pullback. The combination of EURUSD and GBPUSD should see a decent swing higher and back.

Barring the possibility of an expanded flat in AUDUSD, the Antipodean should follow the main pack on the Dollar upside…

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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