Seriously, this is boring and tedious. There are too many mini-steps that somehow look as if they’ve formed a wave just to see a kink and then it adds on a move and then we have to adjust. Probably, out of the pairs, the losses in GBP/USD developed in 3-waves. It’s certainly not a strong enough to be the Wave -i- that will provide a projection target for the eventual target and thus it tends to suggest that we’re going to see a complex correction.
Equally, the ambiguous development in USD/JPY was resolved and that too will maintain its development in a sideways to higher action also – and this seems to be the same in USD/CHF that really made me have to search for a decent constructive development. It seemed to have planted booby traps throughout.
Given the outlook above, I really can’t get too excited about today although the bullish outlook in USD/JPY may well be the highlight of the day – and likely to see EUR/JPY manage to push a little higher but I feel it could be limited.
The Aussie… Still has potential downside initially but should later reverse back higher.