And the loser was… GBP/USD – but that was already a certainty. After all the wriggling and strangling at the tops, it whipped down towards the 1.2604 target, a minor pullback and lower again. It’s going to see some swings, but will end up lower. Meanwhile, while the EU saw a lesser decline, but we should soon see a pullback as well.
The USD/CHF also managed to drag itself from the lows while EUR/USD is closing in on a 5-wave decline. Essentially, the Asian and early European development appear to be corrective then we should – at some point – continue on the dollar upside.
USD/JPY has just reached the (navy) Wave -a-/-iii- to see a pullback lower – and later in the day we should head higher once more. Add EUR/USD to USD/JPY and we should see a second 5-wave decline to form a Wave -c-/-i- for a pullback
I suspect we’ll see the Aussie moving lower over the day, but it has a rather difficult development. I suggest some care in this pair.