Morning traders!  USD is showing some weakness at the start of the European session, but we are still not convinced if larger corrective pull-backs on majors are complete. The reason are following two counts on S&P500 cash market where we track a possible triangle in wave four or w)-x)-y) if 1445 tested. In both cases, this market should continue higher its just question when and not if.
S&P500 (cash) 1h counts


Always when we are waiting on risk-on trade set-up, we want to be long on one of the strongest currencies. Based on current »market correlation« chart AUDUSD is one of the weakest now, while GBPUSD and NZDUSD are acting quite well.
Market Correlation 4h


GBPUSD is showing a sideways price action, possibly a triangle in wave (iv) with wave e) pull-back yet to come. This pair is bullish while 1.6160 support is not breached.
GBPUSD 1h


With higher S&P prediction I still think that long opportunities will come on NDZUSD that is showing a corrective fall from Sep 14. Unfortunately we do not have enough price data to call end of that move but if recovery will be impulsive, towards 0.8290 or higher, then we will be ready to pull a Long trigger. A fall back below 0.8170 will put complex correction in play.

Talk to you soon! Grega

NZDUSD 4h