We’re beginning to see some decent development but pretty slowly. At the start of the day on Asia, the predominant outlook is for a bearish pullback lower in the Dollar. Whether that still allows a final zigzag is under scrutiny. It may just see a correction higher. That is the main theme across most of the pairs – USDCHF should see a correction lower and GBPUSD should see a correction higher. Once those corrections have been completed we should move back to the Dollar upside.
USDJPY is just one point below the current high. Take your pick. Either it breaks higher – or sees a new low. To be honest, I feel that we could just see one more drop before the Dollar rally resumes. Bringing in EURJPY, the balance between the potential rally in EURUSD and a bearish USDJPY, we should see some sort of consolidation.
AUDUSD… it hasn’t got much upside … therefore expect losses again today.
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