USD: Time For A Reversal?

Yesterday saw a jolly decent decline in the Dollar. For the most part, I think we have seen the low – although it will be worth allowing for a minor new low for some of the pairs. Certainly, I feel that EUR/USD needs a new high before the reversal – maybe GBP/USD and also USD/CHF.

So, very clearly, the next leg will be a bullish development. I fear that we’re going to see some ragged moves in this bullish move that could create some complex corrections. So take this easy and take profits early.

Even AUD/USD appears to have topped out. It has seen a double zigzag but within an impulsive development from the 0.7465 high. It could see a triple three but with a decent hourly bearish pergence the alternative is deeper losses. This could provide a surprise perhaps…

With EUR/USD expecting a cap soon and USD/JPY already finding its low, it’s rather difficult to judge the balance between these two pairs. The upside is most definitely limited but much depends on how EURUSD develops. We’ve seen a long sideways move so we have the options of a new high – but holding below 126.99 – and further limited losses…

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