Very clearly there is some uncertainty within the Brexit arena it’s just too risky to try and trigger a stronger development and with the structures we have, it certainly looks like a couple days of consolidation. Having said that, it will be a bit whippy at some time. Basically, I’m looking for Dollar gains and followed by a deeper reversal back to the downside with GBPUSD most likely to see new highs – also EURUSD to new highs but not above 1.1404.
USDJPY looks like seeing a pullback lower but which will then require further gains. By the slow development in this pair, this could take a day or two to get back to the upside. USDCHF has plenty of time to form zigzags and that’ll finally find a low for a reversal higher.
The Aussie has formed a Wave i and now it’s a case of how deep the Wave ii will be, followed by losses. EURJPY has tricked me and is now in a Wave (ii). I think we have seen the high and is now looking to break below the rising channel.
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