Umm… Early Dollar Pullback – Later Gains

Ian Copsey Harmonic Elliott Wave

Yesterday worked pretty well – seeing the Dollar pullback lower and later in the day to see Dollar gains. For most of the majors we should see the same development – a pullback lower in the Dollar, probably modestly deep. It is just GBPUSD that may break the pattern because it needs a dip lower first before a pullback. There is also the potential for USDJPY to see some sideways consolidation but overall it should be heading higher

So it’s basically an almost carbon copy of yesterday by the look of things.

The Aussie does what it wants to do. Well, perhaps they like to see ragged development, whipping one way and then the other but they finally manage to get down to the structure. I suspect we’ll see a pullback higher like the other majors but overall we should be heading lower.

Finally, EURJPY looks like following the majors for a while. Overall, we should see losses over the day.

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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