Yesterday’s deeper pullback higher in EUR/USD has provided what should now be the (cyan) Wave -b- - perhaps one more push higher before losses.
USD/JPY has been a pain in the backside – right from January 3rd and that has affected the development. I think I’ve found the cause, but we should soon see further dollar gains.
Equally, the USD/CHF appears to have found its low. As for GBP/USD, I have seen an alternative, but we also have the potential for an expanded flat. As the majors are all coming to a reversal, I attempted to provide a Wave i and now we should see a Wave ii.
The Aussie has topped out – so we should be going lower. EUR/JPY reached the first reversal target. This should see a pullback – but the balance between EUR/USD and USD/JPY is going to need some care. It could even see a sideways move.