The dollar bullishness has certainly slowed down and I’m expecting to see limited bullish swings but I don’t think it’s going to find its high today. Most likely I suspect that Monday or Tuesday will trigger a pullback.
I am finding all this rather strange though. While EUR/USD and GBP/USD are basically generally correlated at the moment – and these two pairs are the ones that shall see limited dollar bullish swings – USD/JPY and USD/CHF appear to be looking at a stronger dollar bullish move. Perhaps I’ve made an error somewhere – at least in USD/CHF. I’ve been trying to find an alternative outlook but let’s just say that I’m not too confident of a bullish dollar seeing rampant gains. However, USD/JPY appears to be bullish. Still, take care.
The Aussie is still set for losses – although there is still an alternative because it formed a double zigzag and we haven’t broken below the first Wave x. As for EUR/JPY, we should see a limited follow-through to a new low and followed by a pullback.
Take care. There is a chance of some complications as we move to the final dollar highs. Don’t expect too much of a trend as we approach the final dollar highs.