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Building The Dollar Upside

Published 02/24/2019, 11:48 PM
Updated 07/09/2023, 06:31 AM

Last week was rather up and down, but the dollar outlook was largely bullish. This should now see some stronger development. GBP/USD has managed to provide a decent Wave i and Wave ii that should generate some further losses. EUR/USD has formed two Waves i and Wave ii – basically meaning that once the second Wave i/ii has completed a 5-wave decline, it will form the Wave -a- for a pullback and then down to the Wave -iii- - and onwards. USD/CHF decided to take the day off and completed an expanded flat in the Wave ii. Therefore, we should be heading higher. Equally, USD/JPY failed on the upside but then formed a deeper Wave ii. The Aussie completed its expanded flat that is looking to see some decent losses. Therefore, as I mentioned above, this should now see some firmer dollar bullish development. As for the EUR/JPY cross, it has copied the EUR/USD outlook – having seen a Wave -i- and Wave -ii-, followed by a Wave i, Wave ii and also Wave a/iii and b/iii that should then move down to the Wave c/iii, iv and v to see the Wave -a-/-iii-.

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