At last, we have seen the dollar lows. We should be heading higher in the dollar and confirming the bullish foundation Wave i and Wave ii before any stronger rally. Of course, this will see swings so I doubt we’re going to see any sharp rallies at this point.
USD/JPY is moving higher in a 5-wave rally to form the (navy) Wave (a) and then a Wave (b)/(iii). EUR/USD has formed a Wave a and Wave b – so we need a 5-wave decline to form the Wave c/I to then trigger a pullback in Wave ii. USD/CHF has found the (navy) Wave [ii] so we should be heading back above 1.01. Meanwhile, GBP/USD has now formed a single zigzag higher to form the (cyan) Wave (b) and this will need the bearish foundations to develop. Equally, the Aussie has found its top and should be heading lower…
Finally, EUR/JPY has topped out and should begin to see deeper losses.