Pulldown
|Well, well, well… After a slow, almost dying market, we have suddenly seen some stronger development but, if I have gotten this correct, we have found the final Dollar lows. Looking at the range of pairs, everything appears to be in order to now move back to the Dollar upside. Yes, it may be prudent to allow for a little more Dollar downside but frankly, I’m not a fan of this – but just being cautious.
USDJPY was all over the place and I had thought that we had reached the Wave a/iii and Wave b/iii but then it broke below the limit. Then I had to work out what had happened. Well, the Wave b/i I had looked like a 5-wave flat. So… at long last, we can get on with the business of a bullish Dollar. This is consistent through the 4-majors.
Even the Aussie reached the 58.6% (-1 pip) to reach the Wave (iv) and so now we have quite a decent decline to see… Equally, with EURJPY, we should head lower also.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.