We should see Dollar gains
|Strange day. It seemed as if the market came to a point where it really didn’t know where it wanted to go. Even the early stages of the bullish Dollar it was really difficult to work out with some pretty darn lower and higher degrees joining in. However, after all that, we are now heading higher in the Dollar. Even then, as far as I can see, we are most likely to see some heavy and tricky swings on the way. Therefore, either keep to the lower degrees for short-term trades or weather the storm that will take us up higher in the Dollar.
USDJPY continued on its upward path and has further to go. GBPUSD fumbled and even made a minor new high but it’s time for losses – and likely below 1.2477. USDCHF woke up with sleep in its eyes, saw a minor recovery but went back to sleep so we should see gains today. EURUSD rumbled and fumbled through a Wave i and (most likely) Wave ii so we should see losses over the day.
EURJPY, one of its favourite joys are deep Wave ii’s. (Even deep Wave b/iii’s.) This will require USDJPY to push higher more slowly while EURUSD needs to see some stronger losses.
The Aussie looks like reversing lower but make sure that the 0.7216 and 0.7209 lows break. This should then see further losses… Note that the rising channel has been penetrated…
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