To be honest, we’re basically still on the main outlooks. I have finally resolved the puzzle in EUR/USD. This will see a dip, pullback and further losses over the day. GBP/USD woke up after midnight and saw the darkness, so it decided to go to sleep. Will it see a pullback as I had assumed a few days ago, or will it just see losses? Well, perhaps with EUR/USD looking to see a pullback, there is a chance that GBP/USD will mimic the idea… Once we have confirmed losses in GBP/USD I’ll be relieved…
When it came to USD/CHF, well, it didn’t really do very much at all. So, we’re pretty much sitting in the middle of a consolidation and we have to toss a coin… Or perhaps, with USD/JPY back on the downside towards the targets I had been looking for.
EUR/JPY provided the roller coaster. We should a see a limited pullback and then further losses and then we can look for the Wave iii and Wave iv … and Wave v … Once that has been seen, a pullback will be in place.
The Aussie… oh dear… The old amber nectar has been in play. Down a bit, up a bit and down a bit. I’d still prefer to see a new high but at this stage I’d rather wait for the break…