EUR/USD has completed the Wave ^C so now we have the pleasure of moving down to the Wave ^D. How long that will take? It all depends. The market hasn’t really shown too much energy so I’m not expecting a strong day – but let’s see. This should allow GBP/USD to see losses.
I think we have completed the downside in USD/JPY. If not, then it will be down to an expanded flat that could provide a limited follow-through only. Overall, I would like to see a break above 110 to confirm further gains. At the same time as USDJPY saw its low, USD/CHF followed also – but to a new low so we’re back at a minor break to form the Wave -iv-. So now we’re back to seeing a 3-wave rally in USD/CHF…
Most likely, we have seen the low in EUR/JPY. We have a slow moving EUR/USD but I suspect USD/JPY will drag the cross higher. It doesn’t look like a strong day and could also see consolidations at times.
The Aussie – still losses…