Reversal and reversal and reversal
|So… We may have seen the low in USDJPY after a zigzag lower but we may need to see a double zigzag. I say this because of the deep Wave iv in EURUSD that now needs to see a new high. As for USDCHF, well, it has its own way of developing and needs a final 3-wave decline but this pair can go SO slow that it could work. Once we have formed the final Dollar lows we can get back to the Dollar upside. Having said that, even then, we shall need the bullish foundation waves to develop before we can really get going on the larger daily Dollar rally.
GBPUSD has decided to take its own journey. So far we have reached the 1.3003 and now looking to see a reversal lower. If there is any risk, then it could be a triangle. At the same time, having seen a bullish double zigzag, we still have the option on a triple three. Therefore, do take care.
With EURUSD looking to the upside and an uncertain USDJPY, we should see a pullback higher in a Wave ii.
Finally, the Aussie needs a pullback but has a limit at 0.7156 but I suspect this will not be broken…Thus, watch for bearish reversal indications.
I’ll be back on the 1st April… (No kidding!)
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