What a slow day we had yesterday. At least, USD/JPY appears to have topped out for a correction lower. I’d prefer to allow for a new high. I suggest this because we haven’t seen a bearish divergence. Then came the decline in EUR/USD – but oh, so slow losses. It just about managed to reach the Wave -a-/-iii- but even then, it was above the Wave -iii-... or perhaps it needs a minor new low – but even that would be the Wave -a-. However, I suspect we shall soon see the Wave - v- to then provide a pullback higher.
The Swissie still hasn’t managed to find the (blue) Wave -iii- yet but, it should only a few pips to complete. This could see a deepish pullback – or a deep Wave -b-/-v-. This will need some care. An even slower pair, in GBP/USD, seemed to decide to have a break for a while. This could still have the potential to see a pullback higher.
EUR/JPY was always a potential pullback but it managed that quite well. This will likely see losses today due to the limited low in EUR/USD while USD/JPY will join in on the downside. Maybe, this could be the best pair to follow but we’ll need some care here.
If we’re talking about a decent decline, AUD/USD still has a downside to go. It’ll be a slower decline compared to EUR/JPY, but we should see losses for a while today.