Another Day, Further Dollar Gains

We have seen some steady gains in the Dollar. There will be pullbacks – but we have some way to go in this particular leg and I suspect it will last through towards the end of next week – unless we get tied up in a sideways consolidation…

Today broadly suggests some decent Dollar gains. However, initially we shall need some minor swings to provide the foundation waves for the next higher degree rally. However, USD/JPY may well be a rather stick-in-the-mud as it will need a modest pullback – and that could provide a pullback in EUR/JPY. The balance between these two is rather critical because once the cross tops out – and that should be pretty early on in the day. The cross still needs one more rally after the pullback and that’s the puzzle we need to solve.

USD/CHF needs a rally and then a deeper pullback. GBP/USD now appears to have suddenly realised that it has to move lower also – barring the pullbacks that will likely develop towards the end of the Asian session.

That leaves the Aussie but this pair has options. It could see further pullbacks higher – or just direct losses. This makes life rather difficult to judge so take care.

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