Breaking down Nvidia’s unusual $20 billion deal with Groq
The expected losses in the Dollar mainly developed well. That EUR/USD actually made a new high was a bit of a surprise although in GBP/USD managed to reach the 1.3447 level – and that’s when all hell let loose. Attempting to judge that decline was not an easy matter although – as far as I have seen, we’ve found some Dollar highs. That the decline developed in a 5-wave move, it tends to suggest a modest pullback higher at the very least. It could even be higher.
USD/JPY dithered, probably giddy with EUR/USD and GBP/USD development and basically the Japanese currency merely attempted to do very little. This tends to suggest a new low today while EUR/USD and GBP/USD see their pullbacks. The weirdest structure was USD/CHF, pushing to a new high, then a new low, basically developing an expanding triangle. Once that was complete the Swissie managed to put flame to the to upside. It may just make a minor new high before a reversal.
The Aussie should now see losses towards the Wave iii.
After a rather trying development in EUR/JPY – that did make a minor new high – EUR/USD jumped on a piggyback for sharp losses to form a Wave (a). Hey, guess what? We’ll need a pullback first before any further losses.