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HARMONIC ELLIOTT WAVE

Tuesday, September 20, 2011

It looks like the Dollar will extend its gains today


With the exception of USDJPY the Dollar extended its gains yesterday and it certainly looks as if there’s a good chance it will extend even higher today. If it does the chance of a quite a solid follow-through is there also, edging the Dollar towards the more extensive downside targets. I still want to err a little on the side of caution as I need to match the bearish targets in EURUSD and GBPUSD but there are still a few hurdles that could cause a “snafu.” I also see initial limited losses in GBPUSD that should add to the attention we need pay to how price develops.

What could be the stronger trade is EURJPY as USDJPY doesn’t seem to have much upside in it – and may even have seen its pullback high already this morning so a combination of lower EURUSD and USDJPY would provide stronger profit potential. Best watch how these all develop to ensure they are all in tandem.

Another interesting development yesterday was the stronger recovery in USDCAD… That seems to point to further gains but I can’t see this going on forever either.

However, barring any recycling of corrections the overall implications appear for a higher Dollar today but take it step by step to ensure that we don’t get too married to the position.

Good luck
Ian Copsey

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