The Non Farm Payroll release was pretty subdued. It caused a mild issue, particularly in EUR/USD and USD/CHF, but actually helped out by pointing out an error I made back in early February. When going through the 5-wave moves I noted a shift was needed right at the very start. That single change has provided me with what I had been looking for.
I suspect the early stages of this week will retain the general caution that the market has been displaying but by the end of the week I reckon we’ll be pointing in the right direction. The day should start with a follow-through from Friday. From there we should see the start of a trend develop.
I’ve also had to adjust USD/JPY also, one again a shift of the 5’s. It surprised me somewhat, not because of the change but the general balance of what will happen next, but then this is implied across the pairs anyway. It’s going to impact on the cross rates quite a bit, as far as I can see. I could add the Aussie also.
So, take care in the early stages and embrace the follow-through.