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Oh Dang, It Happened Again…Dollar Is Still Bullish

ByIan Copsey
Published 03/17/2015, 12:40 AM
Updated 07/09/2023, 06:31 AM

Just as Thursday saw the deeper correction I had been expecting from a little lower, the same repeated itself yesterday. These past two latter stages of ending waves have now caught me out twice. Even then, I found Friday’s bearish structures tough to resolve – hence the frustration experienced yesterday. As explained in the weekly video outlook, the expectation is for this type of trading to develop – still Dollar bullish but with a higher degree of swings.

So, correction seen, the dollar can push higher again but we have a limited range of projection targets to aim for which, hopefully this time, I can highlight the most likely target areas that should be seen. This applies to the Europeans in general and also AUD/USD although the latter has taken a slight detour in a sightseeing tour. This tends to suggest some sluggish trading and could well complicate the lower degree development. Thus, take care.

The slightly deeper correction in USD/JPY was always a risk and, while there is still a risk it could do so again, I feel it has a greater risk of extending gains to match the Europeans in general. However, EUR/JPY suggests that USD/JPY will tend to remain sluggish to allow the cross to extend losses. This could also risk some complicated corrective stages in the cross that will frustrate.

The approach for the coming development all round should be more short term in nature. Take advantage of profits when they come and look for trades on both sides of the market but with relatively tight stops.

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