It’s been a bit of a snooze fest in EUR/USD. I’m hoping that today will break below 1.1135 to then see a reversal.
I’ve also had a slight difficulty in USD/JPY. The pullback lower in from the 110.32 high is abnormally deep compared to the Wave ii. I tried to see if there was a possible triangle that would allow a shallower Wave iv. Otherwise, the run-up to the high did have a valid projection target in the lower degree Wave c/iii but then the pullback in Wave iv was 1.4% and the Wave v 4.6%. That’s a bit crazy. However, let’s see if we do get a triangle.
USD/CHF has formed a Wave -i- so we need to find the Wave -ii-. GBP/USD was as slow as EUR/USD. I’m still battling with a potential new low – or just direct gains.
As for EUR/JPY, we have EUR/USD moving lower and USD/JPY higher but quite how the balance will play through is another issue. Ideally, we should head higher.
The whip back higher in AUD/USD has required an adjustment and that will allow a deeper pullback higher – but it could just see direct losses again. This pair is slightly difficult to really provide a definitive direction.