Yesterday wasn’t too much of a surprise even though there were a few good moves and a few not-so-good in terms of the analysis. The good part is that the Europeans are beginning to settle after Monday’s gyrations, specifically with the lesser affected GBP and CHF. I can’t see the Europeans losing out against the Dollar just yet but don’t think it’s that far away. While EUR/USD dipped down to just above the 1.2840 target I set in yesterday’s analysis, the sharp recovery has clarified the larger wave degree and actually brought the final low closer to fruition. It should still extend losses but while I was open to a longer lasting dip it seems as if we shall see this low by tomorrow at the latest…unless it goes through the weirdness as we did from the 1.3161 high.
Overall this tends to match with a mixed day in USD/CHF but within the boundaries of one further minor new high while in GBP/USD there is the risk of a modestly deeper correction lower before extending gains.
Meanwhile the Aussie has decided to take a day off and may take this morning off sick once again. However, that, too, is due a rally before long and potentially to a higher target than I had been considering.
USD/JPY looked perfect as it reached 95.74 but then dipped more deeply. While it was a bit disappointing it does seem to have clarified the underlying structure to be more directly bullish. This should see EURJPY also make further gains but perhaps not as robustly given the expected downside in EUR/USD. However, overall it looks as if USDJPY has some fairly solid gains to come and once EUR/USD has found its base should also help the cross higher more firmly.
Overall for today, USD/JPY looks a good bet and EUR/USD also. I’d suggest looking to buy into any dip in GBP/USD also.
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Closer To Resolution In The Europeans
Published 03/20/2013, 02:43 AM
Updated 07/09/2023, 06:31 AM
Closer To Resolution In The Europeans
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