In a correction there are plenty of options. I’m looking at a deeper expanded flat in GBPUSD. There is a risk too, in EURUSD but should be limited. If USDCHF breaks above its highs and reverses this should form a flat or expanded flat lower. USDJPY should be finding a high very soon to see a pullback.
So I tend to suspect that we shall be heading lower in the Dollar again today.
Having measured the rally from the low in AUDUSD I noted that we had seen a 5-wave and therefore it should be heading back higher again.
As for EURJPY, I’ve not really caught this particularly well, mainly down to the uncertainty of the balance between the two underlying pairs. Frankly, this development does look like a ragged range day.
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