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FX Update: Still In A Stalemate

Published 05/09/2019, 04:00 AM
Updated 07/09/2023, 06:31 AM
EUR/USD
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GBP/USD
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USD/JPY
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USD/CHF
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AUD/USD
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EUR/JPY
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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…

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