Yesterday was not quite as I expected but the pullback lower in EUR/USD has now reached close to the extreme and therefore we should be looking back to the upside. We also saw a modestly deep pullback in USD/JPY. That’s going to see EUR/JPY going higher. Indeed, the Cross had dipped below the recent low so we’re likely to see an expanded flat higher.
USD/CHF has reached the Wave a/iii and thus we need a pullback in Wave b/iii. How deep is the issue but the Wave iii is likely to be the normal initial range, so once we’ve seen that and the Wave iv and Wave v that will then form a Wave (a). I have had to adjust the structure in GBP/USD but as far as I can see this should provide the bullish foundation waves for another rally also.
The Aussie had a slow and steady sideways move so the comments from yesterday. Have we seen the (cyan) Wave -b- or will we see a deeper pullback higher.