Did’ya hear me scream? Didya? Didya? Right into the busiest day of the week, USD/JPY suddenly rushed higher. Then, when I was in slumber, EUR/USD and GBP/USD slipped below their lows that I thought was the low. I did consider the potential that we had seen a very, very shallow Wave (ii) but frankly in EUR/USD the “normal” projection in the Wave (iii) was beyond what I normally consider the limit. Of course, there isn’t a limit – but I decided on an alternative.
We still have dollar bullish room on the upside and I tend to feel that we haven’t yet completed the Wave (i) in EUR/USD and GBP/USD… So we’re more likely to see a broad swing higher in the dollar to then complete the Wave (i) to then move back higher in a Wave (ii). That still leaves a decent amount of room for USD/JPY to move lower. As for USD/CHF – well, it does what it does – sometimes it develops in furtive creeps and sometimes goes bonkers. At this point it’s rather like a dirty old man.
So, basically we should see dollar gains to complete the Wave (v) in both EURUSD and GBPUSD before the deeper gains in the Wave (ii).
This leaves EUR/JPY filtering through the mess in USD/JPY and EUR/USD – but I suspect USD/JPY will initially drag it higher.
As for AUD/USD… Well, we have a jolly good bullish divergence and I expect a pullback but frankly it does seem to be distressed. Be wary of the upside…
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Minor Follow-Through And Reversal
Published 08/15/2018, 12:08 AM
Updated 07/09/2023, 06:31 AM
Minor Follow-Through And Reversal
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