Yesterday provided some tricky Dollar gains

Ian Copsey Harmonic Elliott Wave

Yes, with the limited Wave a/b within a long and direct development it was a very tricky move. However, we are seeing the last legs in one or two pairs so we're looking at a reversal back to the Dollar upside.

So, let’s say that we should be heading back to the Dollar downside. However, with the particularly long Wave [i] in EURUSD it’s difficult to judge the Wave [ii] – but having said that, GBPUSD made a new low but appears to then need a pullback higher in an expanded flat… This may provide a clue as to the upside limit. Even then, we have recently seen GBPUSD in sideways consolidations so we’ll have to be aware of the other pairs that will clearly need to see a weak Dollar.

Overall, USDJPY has found its high and we confirmed the high in USDCHF. Thus, we should be looking for losses. EURJPY will likely push higher but with USDJPY bearish and EURUSD bullish it doesn’t seem like the cross will get very far.

The Aussie saw a final 5-wave decline – allow for a little lower – but we should see the pullback develop…

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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