Pages

HARMONIC ELLIOTT WAVE

Wednesday, June 8, 2011

The Dollar still looks set to lose out…

PLEASE NOTE DUE TO OVERSEAS TRAVEL THERE WILL BE NO UPDATE UNTIL 20TH JUNE


Well the Dollar still remains under pressure with both EURUSD and GBPUSD seeing further gains, the latter not really expected, but it does still point to the market’s general dislike in possessing any Greenbacks. I still think it looks set to extend those losses again today as long as any corrections are limited. It’s still early days in the current structure I am looking at so plenty can still go wrong but the implication does look as bullish as I’d like it to be. It’s just a matter of the structure holding together.

USDCHF was rather flat and this may well buck the trend of the other two European buddies. My preference is still for a little firmer pullback higher but this would still be within the confines of a bearish structure so I’m not about to get overly bullish here. However, the position of this pullback is one which has not strong guideline for retracement ratios so at all times be aware that the downtrend can resume.

USDJPY has a quiet day, holding below my resistance yesterday and this still points lower. The extent of this current move is a little uncertain but it should move below the 79.97 low at the very least and a half-chance of even testing the 79.56 low… The combination of a bullish EURUSD and bearish USDJPY still looks to keep the EURJPY cross subdued. I remain highly wary of this pair as it has the tendency to work through some horrendous corrective structures and this one has strong potential to remain subdued for some while yet.

That does leave much else to say except just to cover AUDUSD – it was weaker than I had wanted and it’ll mean some care needs to be exercised but as long as it can break above the recent highs it could be the day’s stronger performer. USDCAD still hanging around. I am still basically bearish but with a slightly ambiguous situation which could still see one more high, but could just as easily resume the downtrend…

Today’s free analysis is for GBPUSD and can be found on http://www.fx-forecaster.com/DailyForecast.html.

Good luck
Ian Copsey

UPCOMING HARMONIC ELLIOTT WAVE WORKSHOPS IN HONG KONG AND SINGAPORE

No comments:

Post a Comment