Done and dusted. Well, I have some doubts over EUR/USD but the 1.1385-93 area is possible and the 1.1404 is the limit. USD/JPY has already begun the upside along with USD/CHF. It looks most likely that GBP/USD is going to see losses – and over time I suspect it’s going back below the (blue) Wave [x]. Well, that will be the key level that will imply further losses.
So far, in USD/JPY, we have seen the lower degree Wave i and Wave ii that will then build the Wave a/iii, Wave b/iii and onwards. EUR/USD I feel has found a high – but note the comment above. USD/CHF has reached a Wave a – having seen the final low while GBP/USD should be heading lower.
I was puzzled with AUD/USD but then I spotted the lower degree Wave i and onwards to reach the Wave v – so even the Aussie appears to look for losses. However, having seen a double zigzag – and the slowness that this pair can see, I’d still be cautious of a triple three – but it isn't gonna happen today I feel.
With EUR/USD looking to the downside and USD/JPY on the upside, we’ll have the battle to see which pair makes the stronger move. I fancy the downside – but take care.