| May 17 2012, 12:15:02 GMT | Sydney: | 22:15 | Tokyo: | 21:15 | Barcelona: | 14:15 | London: | 13:15 | New York: | 08:15 | San Francisco: | 05:15 |
| Rate This Article: | ||
|
So what’s to happen? As the headlines outlines I still feel there’s Dollar strength to come. However, the depth to which both EURUSD and GBPUSD have extended limits the larger downside. I do feel both are going to top out today and see losses and once again it should be GBPUSD that acts as the front runner. Indeed, that should find new lows over the coming 4-7 days. However, I don’t see the same impact in EURUSD. Here I feel we’ll see continued range trading but more towards the low of the range.
That should leave USDCHF with limited upside for the coming days most likely followed by a return to more subdued and grudging losses over time. So out of the Europeans it still looks like GBPUSD providing the stronger potential for stronger moves.
USDJPY… Oh boy… It makes you wonder whether it’s worth saying much at all as it subsides into one of those long, slow drifts through nowhere. I can’t see it doing much else until we see larger breaks. This should then leave EURJPY with limited upside and as EURUSD reverses lower the cross should be dragged down behind.
AUDUSD actually looks quite bullish. Having said that it seems to require a pullback lower before it can extend gains so slots in well with the expectations against the Europeans. USDCAD is still on its long and winding road lower…
The Daily Forecaster is an analytical tool only and is not intended to replace individual research. The service is offered as an opinion on the current state of the market with anticipated trading signals but not recommendations. The information provided in Daily Forecaster should not be relied on as a substitute for extensive independent research before making your trading/investment decisions. Ian Copsey is merely providing this service for your general information. No representation is being made that any view or opinion will guarantee profits or not result in losses from trading. In addition any projections or views of the market provided may not prove to be accurate. The opinions are subject to change without notice. Opinions or views expressed in Daily Forecaster are not meant to be either investment advice or a solicitation or recommendation to establish market positions. Ian Copsey will not be responsible for any losses incurred on investments made by readers and clients as a result of any information contained in this service.
