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USD pairs move up - GBP/USD looks impulsive

Posted on June 16, 2009 at 9:24 in Uncategorized by Pierre Charlebois

All USD pairs moved higher as expected.

With the most recent move up on GBP/USD, the current wave count suggests it could make a new top.

As long as 1.62 holds as a bottom this possibility remains.

Cheers

Tags: Elliott Wave, forex, GBP/USD

2 Responses to “USD pairs move up - GBP/USD looks impulsive”

on 16 Jun 2009 at 12:43 pm1St_Fx

Hi Pierre,
As follow as yours weekly post of dollar index,the first senario proving correct,as price not came below 79.60 (low of 11june) as you mention wave2 bottom,first break of 81.50 level of resistance you mention.The Equity indexes is breaking bullish support line yesterday. In both senerio when doller index near term bullish and world indexes bearish than how majors posts new high before making near term new lows. Is their looking some change in picture that we have to look back our strategy (selling the majors and buying the dollar)or more down side slide in dollar index.
on 16 Jun 2009 at 2:16 pm2Pierre Charlebois

Hi St_Fx

I think you are saying that you don’t see the correlation you expect between equity indexes and the USD.

Well… Although this has been fairly close as of late, remember that at market turns it is difficult to expect exactly the patterns we want to see.

AND… the tops and bottoms are not yet truly confirmed so I am only suggesting possibilities as many EW counts can apply in the current patterns.

I think it will take the balance of the week and perhaps into early next week before we get a better sense of where we are.

Cheers

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