It’s hardly been a frenetic market but we’re slowly going through the process of the foundation waves. In some pairs, we have seen a Wave -i- and Wave -ii- and now making its way towards the Wave -a-/-iii-, followed by a Wave -b-/-iii- and final through to the Wave -c-/-iii-, iv- and Wave -v-.
To my frustration, I’d much prefer to see this accelerate but through the majors there are a range of developments that are now exactly developing in the same way. There will come a point where we should see some acceleration but I’m not exactly sure when that will be.
So basically, we just need to take each step at a time to reach targets, put them in a pocket and carry on towards a higher dollar. This tends to suggest that we’re seeing lower degree waves that will then provide the platform for a stronger dollar.
This should see EUR/JPY pushing lower – but with plenty of pullbacks. It certainly looks like a difficult development. As for the Aussie, there’s a risk of an expanded flat but overall we should be heading lower pretty soon.
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