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3rd September:
That wasn't too bad an estimate for the Wave [c] / from last week but does look like extending just a bit more to the 61.8% - 76.4% projection in Wave v to between 82.48-62 before we get a correction lower. In line with the expectations in EURUSD and GBPUSD and the potential for an expanded flat Wave [ii] I feel this is appropriate here - though take care as USDJPY does look firm.
I have provided an idea how this may develop - note the Wave iv low at 81.89 and the Wave [a] high support at 81.72. Allow for a 23.6% - 38.2% expansion and should this hold then look for a move back to the support area shown although it could edge below. If there is any deeper correction then the span of Wave should most likely hold.
A break above the 41.4% expansion would risk direct gains in Wave [a] / [iii].
RATIO TABLE
http://i1079.photobucket.com/albums/...ps5bf4b38b.jpg
Good trading
Ian Copsey
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Ian Copsey at
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Labels: weekly forecasts
Mixed outlooks again today
Friday’s Dollar highs were pretty much in line with expectations and as suggested would provoke some weakness, against the Europeans at least. The weekend video outlined the expectations for yesterday and what I have seen has not surprised except, perhaps, in USDCHF that decided to act independently and continue to rise. That GBPUSD pushed to new highs from last week’s low was positive but still has some work to do on the upside. Overall, the Europeans seem to have lulled into their own individual worlds, each within different structures that could well continue for some while. If my count has been correct it should be GBPUSD that provides more direct development. Perhaps, with the lack of gains in EURUSD there is a slight concern and may even allow a minor new low.
Overall I feel today will be more Dollar bearish than bullish.
The Aussie recycled higher rather than any direct bearish development. I remain overall bearish but there are a couple of options to note. Either way I feel the downside should eventually have its own way.
The JPY pairs – USDJPY bottomed out on Friday at the lower end of the support range and yesterday took advantage of the thinner markets to break above the 98.50 high and confirming the preference in the weekend video. At this point it is approaching some key resistance areas and the risk is for corrections but only within the move higher. This should therefore provide some opportunities for buying on dips although a modest correction will be due before long. Watch out for that risk. Even then I still feel that modest correction will be good for another push higher.
Quite obviously this strength in USDJPY has dragged EURJPY higher by the scruff of the neck. It should have more room for further gains but the higher wave degree has still not provided too much of a firm structure from which to make firmer judgments. Therefore I remain slightly side lined in the bigger picture.
Have a profitable week
Ian Copsey
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Ian Copsey at
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Labels: Daily Forex Outlook
3rd September:
That wasn't too bad an estimate for the Wave [c] / from last week but does look like extending just a bit more to the 61.8% - 76.4% projection in Wave v to between 82.48-62 before we get a correction lower. In line with the expectations in EURUSD and GBPUSD and the potential for an expanded flat Wave [ii] I feel this is appropriate here - though take care as USDJPY does look firm.
I have provided an idea how this may develop - note the Wave iv low at 81.89 and the Wave [a] high support at 81.72. Allow for a 23.6% - 38.2% expansion and should this hold then look for a move back to the support area shown although it could edge below. If there is any deeper correction then the span of Wave should most likely hold.
A break above the 41.4% expansion would risk direct gains in Wave [a] / [iii].
RATIO TABLE
http://i1079.photobucket.com/albums/...ps5bf4b38b.jpg
Good trading
Ian Copsey
Posted by
Ian Copsey at
4:26 PM No comments: http://img2.blogblog.com/img/icon18_edit_allbkg.gif
Email ThisBlogThis!Share to TwitterShare to Facebook
Labels: weekly forecasts
Mixed outlooks again today
Friday’s Dollar highs were pretty much in line with expectations and as suggested would provoke some weakness, against the Europeans at least. The weekend video outlined the expectations for yesterday and what I have seen has not surprised except, perhaps, in USDCHF that decided to act independently and continue to rise. That GBPUSD pushed to new highs from last week’s low was positive but still has some work to do on the upside. Overall, the Europeans seem to have lulled into their own individual worlds, each within different structures that could well continue for some while. If my count has been correct it should be GBPUSD that provides more direct development. Perhaps, with the lack of gains in EURUSD there is a slight concern and may even allow a minor new low.
Overall I feel today will be more Dollar bearish than bullish.
The Aussie recycled higher rather than any direct bearish development. I remain overall bearish but there are a couple of options to note. Either way I feel the downside should eventually have its own way.
The JPY pairs – USDJPY bottomed out on Friday at the lower end of the support range and yesterday took advantage of the thinner markets to break above the 98.50 high and confirming the preference in the weekend video. At this point it is approaching some key resistance areas and the risk is for corrections but only within the move higher. This should therefore provide some opportunities for buying on dips although a modest correction will be due before long. Watch out for that risk. Even then I still feel that modest correction will be good for another push higher.
Quite obviously this strength in USDJPY has dragged EURJPY higher by the scruff of the neck. It should have more room for further gains but the higher wave degree has still not provided too much of a firm structure from which to make firmer judgments. Therefore I remain slightly side lined in the bigger picture.
Have a profitable week
Ian Copsey
Posted by
Ian Copsey at
10:53 AM No comments: http://img2.blogblog.com/img/icon18_edit_allbkg.gif
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Labels: Daily Forex Outlook
Geppy's just taking a break from this thread as it becomes a "bit too much" sometimes.