This Could Be A Rough Week For FX

I was just about to close down my PC on Friday when I saw a whip and a crack and then I thought… “Oh, perhaps it’s an NFP day.” Let me have a look. (I tend not to even bother with that monthly game.) Basically, it all blended in with the structures I have – just a slight adjustment with those skinny blips that make life a little harder. The outcome appears to be a rather whippy and rough pullback.

Of the adjustments I made, EUR/USD appears to need a new low and pullback. USD/JPY also needed an adjustment that triggered a zigzag lower and from this, it may well form a double zigzag – but don’t expect this to develop today. The Swissie needs a 5-wave rally but will then require a pullback. GBP/USD is the opposite of USD/CHF – and correlates with the decline in EUR/USD and from there we shall need a firmer rally – but I’m not expecting that to develop today.

The Aussie needs a pullback higher and I tend to feel it’ll be a rough and ready set of swings. As for the “cross”, EUR/JPY needs a Wave v that must reach a higher degree Wave –c-/-iii- for a pullback.

Best work with short-term profit targets…

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