As expected, we have seen some decent Dollar gains but we haven’t yet completed the rally just yet. It’s coming soon – maybe tomorrow but could edge into next week. Equally, with USD/JPY having formed a Wave -i- at 112.76 we have suffered a deep Wave -ii-. At the same time – although more a stubby pullback in USD/CHF, we should now see gains in both pairs. The final pair in the 4-majors, GBP/USD has seen some decent losses but still needs further follow-through.
Having said all that, these moves now should see greater swings as we approach the next support that should see a deeper pullback.
Even the Aussie has followed the Dollar higher and it has some way to reach the (cyan) Wave [iii]. Once that has been seen it will need the Wave [iv] and Wave [v]. Once it has done that it will reach a larger degree Wave -iii-.
Finally, EUR/JPY has also been seeing some decent losses and should soon see a low for a limited pullback to then see the Wave [c]/[i] that will then need a deeper pullback.