On the whole, we managed some decent U.S. dollar gains but there’s more to go. Most likely we could reach to a point today that will see a cap for a reversal. However, at the current positions, the next move will be higher throughout all the pairs. Ideally, I’d like to see USD/JPY reach the (green) Wave (a)/(iii). EURUSD is rather uncertain but, as I have it, we need a move lower while USD/CHF is still pointing higher.
Out of the four majors, I was rather surprised with GBP/USD that slowed down. Of course, I don’t take any fundamental input, but I guess that the “Boris” factor probably slowed things down. However, we should be heading lower again today.
I had a long look in EUR/JPY and decided that something was wrong. I’d still prefer to be cautious because the pullback higher is relatively shallow. Perhaps, with a stronger USD/JPY and an uncertain EUR/USD, this could be a relatively limited range day.
Finally, the Aussie is still pointing lower…