It has been a slow, slow development. I can’t even say that it’s going to change but – at some point – we’ll begin to see some stronger moves. The EUR/USD should just need a 3-wave decline in a Wave v. That’s pretty much the same in USD/CHF. However, both USD/JPY and GBP/USD should be looking for a slightly firmer move higher in the dollar. Ideally, USD/JPY should be seeing a slightly stronger move higher but I’ve been frustrated with this pair for quite some time, but I’d really like to see this pair finally reach the first reversal target.
We may have seen the low in EUR/JPY. We have a decent hourly bullish divergence. Indeed, it tends to suggest that USD/JPY should be firmer while EUR/USD fiddles around, taking a nap and glad to be doing very little.
Down under, we have a decline to see to reach the (brown) Wave (c)/(iii) and I fancy the potential for a modestly deep pullback in Wave (iv).