Still some remnants left
|I’ve been a bit frustrated the past few days looking for the final highs in EURUSD and GBPUSD. I am certain that we shall see Dollar gains but a sudden twist develops. I am also aware that, in these two pairs, we’re getting closer to break levels. EURUSD needs to complete a 3-wave rally that should hold below 1.1851 high and GBPUSD shall either see direct losses – but then a second rally - or if it goes directly higher then there’s a chance of seeing a high an earlier high.
Meanwhile, USDJPY has maintained its bullish outlook but does seem to be approaching a high for a pullback. With these pairs seeing some broad swings, USDCHF has seen a pullback higher but will then need another new low. However, once that final low is seen, it should turn higher – and for quite a rally.
EURJPY has been a persistent bull but there are pretty decent hourly and 4-hour bearish divergences. Therefore, something’s got to break at some point – and that should be lower.
Down under the Aussie has approached the Wave (b) high. We shall either see a break higher – or (obviously) a reversal lower. Even if we see the break higher it won’t last long so best keep watching for bearish reversal indications.
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