Yesterday, we have seen the dollar highs for now in EUR/USD, USD/CHF and GBP/USD. Therefore, we should be looking at a corrective process. How deep this will be is pretty difficult to judge although if you look at EUR/USD it doesn’t seem to have a massive pullback. USD/CHF has formed a Wave -i- and therefore will need a pullback in Wave -ii-. GBP/USD maybe a modest pullback but overall, as we know, corrections can be slow.
Now, the final major – USD/JPY – has seen deeper losses and frankly, while there could still be a pullback, we should be heading higher.
I missed on EUR/JPY. The Wave i I had was incorrect and instead saw a stronger move lower and overall has formed a (brown) Wave -i- and, like the other three majors, we should be heading back in a Wave -ii-.
Downunder, we have formed the (brown) Wave (iii) and will either see the limit of a Wave (iv) – or we shall see a deep Wave (b)/(v).