FX Slow Going, But The Main Direction Is Dollar Bullish

Yesterday was a Steady Eddie day in both EUR/USD and GBP/USD. I was wondering when Cable would break below the lows – but it has. Indeed, overall, I’m expecting losses in these two pairs and for USD/JPY and USD/CHF to move back higher. However, with the balance between EUR/USD and GBP/USD compared to USD/CHF and USD/JPY it tends to suggest a workmanlike day. So still chugging along bit by bit.

The Aussie has – at last – appears to be looking to the downside. Over yesterday it got pretty damn close to the highs, but it now looks to the downside along with all the other pairs. This should continue today.

As for the Cross, EUR/JPY should be seeing a 3-wave decline to form a Wave [a]. It makes sense because of the slow development we have seen in the majors…

Take it easy – but note the main direction is Dollar bullish.

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