We saw the expected deep Dollar pullback - now we should see gains

Ian Copsey Harmonic Elliott Wave

Over the range of the pairs I use, we actually had quite a range of developments. EURUSD did see a deep pullback. I’d like to think that we have found its high. That USDJPY took the day off to form a limited expanded flat was one of my alternatives. GBPUSD actually saw a much deeper pullback from the 1.2477 low – but it’s still valid. From there we shall need a 3-wave decline being in a Wave [v].

The Swissie needed an adjustment once we reached the 0.9977 high and followed by a pullback at 0.9916. Will it hold or could it just see direct gains. Even if we get a minor new low, it should still point higher.

Overall, I get the impression that we’re going to see some swings over the day – particularly with GBPUSD looking for a Wave [a]/[v] and likely a modestly deep pullback in Wave [b]/[v] before moving lower. Therefore, it tends to suggest some shorter-term profits today – rather than a massive trend. Thus, could allow AUDUSD to see a mildly deep pullback higher but I doubt any firm strength.

I’m still struggling in EURJPY. I want to call a final cap but with USDJPY pushing higher and EURUSD lower, it doesn’t suggest a trend here also…

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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