The Dollar corrected lower as suggested although not uniformly across the Europeans. However, the minor new highs I had expected did not materialise, EUR/USD and GBP/USD corrected directly, USD/CHF decided to extend its move higher before correcting and what’s more EUR/USD continued correcting while GBP/USD decided to take a long walk down a steep hill…
It placed the Europeans in rather a strange position. Yes, the underlying trend remains Dollar bullish but we have all three in mildly conflicting positions. On the one hand we haven’t really see much of a correction in USD/CHF while EUR/USD and GBP/USD can continue their declines at any time. It left me wondering whether I have the structures correct. However, possibly EUR/JPY (which didn’t develop anything like I had expected) may provide a clue.
So EUR/JPY corrected higher and quite deeply and with barely any room on the upside before it breaks the bearish structure. To add to this rather unromantic ménage à trois USD/JPY hasn’t yet completed it rally. This seems to imply direct losses in EUR/USD with GBP/USD also close to a corrective ceiling. This would leave USD/CHF out in the cold… or perhaps seeing a very, very shallow correction…
As you can imagine there are some very finely balanced situations here that could easily cause problems if just one pair decides to spoil the party… Of all I feel USDJPY has got the stronger story and we can build an outlook around this.
Oh, and I can’t forget the Aussie…
Actually, on second thoughts I think I will forget it… It’s playing around too much and I’d rather leave it alone to let it break either support or resistance to get it to tell us what it wants to do – and that’s assuming it even knows…
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Dollar Gains To Resume?
Published 06/28/2013, 12:52 AM
Updated 07/09/2023, 06:31 AM
Dollar Gains To Resume?
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