This development has been a ragged set of moves. The triangle scenario has been obliterated. We’ve seen USD/JPY and USD/CHF form deeper losses, while EUR/USD now needs a break 1.1265. Strangely enough, GBP/USD has taken the low road. Let’s just say that we know that EUR/USD needs a new high and GBP/USD a deeper pullback. We may need to see USD/JPY and USD/CHF see a limited break lower now.
So we’re seeing a deep and dirty development. However, once those highs are completed we’ll be looking to the dollar upside.
I have EUR/JPY as a Wave i and Wave ii. That tends to suggest that EUR/USD will see an expanded flat but then a stronger rally while USD/JPY has been seen, but it may be best to place stops a little lower.
The Aussie is now moving down to the (brown) Wave c/iii. With a deep Wave ii and a deep Wave b/iii, I doubt we’ll see a deep Wave iv.
USD/JPY And USD/CHF Form Deeper Losses
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