Friday saw a very slow start, slower than I had anticipated, but finally managed to revert back to the dollar downside as I had expected. The start of the day seems to me – for the most part – a direct follow-through to see dollar losses. Ideally, EUR/USD should provide a stronger move than USD/JPY and USD/CHF. That said, we may just see a soporific start to the week by the end of the week we should be turning back to the dollar upside.
GBP/USD has seen a rather complicated decline and I’m mixed between having seen a Wave i or a move to the Wave b/iii - but that will need a robust Wave c/iii. At this point, it’ll be probably best to remain neutral and note the next break.
EUR/JPY has reached the Wave a/v and that suggests a deeper pullback in EURUSD versus USDJPY that only needs a minor follow-through lower. This tends to suggest a rather slothful USDJPY that should later reverse back higher.
As for down under, it looks to me as if we’ll see a pullback lower and then a second rally.