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HARMONIC ELLIOTT WAVE

Friday, January 28, 2011

Has the Dollar found its low..? Part 4 ½…

Yesterday proved a little more interesting… well, it seems. USDJPY rushed higher while the strength in the European currencies was limited to within the required limits. The Dollar Index remained above the support which I indicated could well force an earlier then expected move back into more extensive Dollar weakness.

So, we’re back to Monday when I had first suggested the Dollar should find a low… Was yesterday the day? I think so… At the very least now I feel that the Dollar must rally now or forever hold its peace. It has all the require momentum signs but has fallen a little short of actual confirmation and that’s what we should be looking for today.

Both USDJPY and EURJPY are united in pointing to higher levels it seems though not quite in such a dramatic manner as seen yesterday. Today the anticipated follow-through should be encouraging but I doubt a runaway rally.

For the Europeans, EURUSD and USDCHF just appear to require breaks through yesterday’s low/high (respectively) to generate the required confirmations. That GBPUSD appeared more to complete a correction rather than a more constructive reversal higher.

USDCAD and AUDUSD look more to still be in consolidation ranges.

Thus, apologies for the limited verbage in this outlook but it’s all down to confirming yesterday’s tentative Dollar lows…

Today’s free analysis is for AUDUSD and can be found on http://www.fx-forecaster.com/DailyForecast.html along with yesterday’s Trader Package Review & Trade Set up report. (+60 pips)

Have a great weekend
Ian Copsey

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