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Additional Dollar Losses

Published 08/23/2018, 12:09 AM
Updated 07/09/2023, 06:31 AM
EUR/USD
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GBP/USD
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AUD/USD
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EUR/JPY
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DX
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That wasn’t meant to happen yesterday… Additional Dollar losses. I was always looking for GBP/USD to be corrective – but I had thought that in EUR/USD we were seeing an impulsive move but the follow-through higher did not provide alternation all the way through from the 1.1301 low… There’s still some risk of initial Dollar losses but once this finds a high the outcome looks pretty much as I expected. We’re certainly seeing hourly Dollar bullish divergences.

There can still be a final leg(s) to see Dollar losses but by the end of today I suspect we’ll be grappling with the Dollar bullish foundation waves…

This makes sense in terms of AUD/USD still making additional highs although there’s very little wriggle room on the upside. Therefore, we’re still getting a Dollar bullish outcome.

Overall, once EUR/USD has topped out we should see EUR/JPY reversing back to the downside…

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