Slowly unwinding
|The past few days have been rather complicated. Only USDJPY and AUDUSD appear to be “normal.” Perhaps, having seen the development in GBPUSD develop, we should see follow-through but it was a surprising, ratcheting rally that I hadn’t anticipated - but the politicians and their egos will always play silly games.
In particular, EURUSD has still to complete what looks to be a complex irregular triangle and that’s going to need a day or two to resolve by the look of things. USDCHF is still a rather complicated pair. Did we see a 58.6% projection down to the 0.9641? I rarely see these projections within an impulsive move. However, yesterday it managed to complete a 5-wave rally. The next break will probably provide a follow-through.
I’ve adjusted the structure in EURJPY. This makes more sense. The only issue is a possible expanded flat in USDJPY along with a minor pullback in EURUSD. How the balance between these two pairs develops will tend to suggest an initial consolidation before a stronger move.
The Aussie has a limited upside before further losses…
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