It’s hardly a frenetic market and frankly that’s going to continue for a while. We now looking to complete the Wave ^c over today in EUR/USD. At least it will then see a reversal lower but I’m not expecting robust development. USD/JPY needs a pullback higher and later reversal. USD/CHF appears to be heading northwards but I have some reservations.
One pair actually made a break. That was GBP/USD in forming a Wave i. Guess what? We should see a Wave ii. That’s correlated with EUR/USD in terms of the pullback.
EUR/JPY is in rather a tangle. I feel it needs a limited pullback – and when I say limited, just by a few points. As long as the 123.10 level doesn’t break we should head higher – and frankly USD/JPY should drive that higher.
The Aussie has been seeing some losses and should follow-through…