With the exception of AUD/USD – perhaps USD/JPY also, we have seen some decent dollar losses but there is more to go. I may even suggest that we could complete the downside today. EUR/USD has managed to form a single zigzag. There may be a risk of a minor new decline before the upside develops – but just a direct rally will also do the trick. GBP/USD saw the lows I expected and from there it zoomed back higher to form a zigzag and a pullback in Wave x and then a Wave a. This does have the potential for early losses before the rally resume.
USD/CHF completed the (cyan) Wave [b] so we should be heading lower again. USD/JPY has the potential for a deeper pullback – or just direct gains that should be the basic trend.
An interesting pair – EUR/JPY – has seen a double zigzag and a potential second Wave x so we only need a final zigzag higher. This could provide the reversal through the range of pairs…
I am a little uncertain in AUD/USD. I can’t get my head around the structure because it still seems to be looking for losses while the other majors are looking to the dollar downside… I’d suggest taking care in this pair.