We’ve seen some broad swings on the way up in the dollar. The development is rather difficult within the lower degree price formations and that really makes life quite tough. I wouldn’t be surprised that we shall likely see the same type of swings today. It looks like GBP/USD will soon complete the (cyan) Wave -a- for a correction.
Most likely USD/JPY will be bullish today along with USD/CHF while EUR/USD will make further losses. Having written that, it is also likely to see a minor pullback before those stronger losses. Most likely the Asian session will provide a limited range but which should provide the reversal back to the dollar bullish side.
AUD/USD caught me out. Instead of a single zigzag higher, we have seen a double zigzag. I can’t rule out a final zigzag to complete the triple three – but best wait to confirm. Overall, this should basically turn lower pretty soon to extend losses.
Finally, we should soon see a low in EUR/JPY. We still have bearish momentum but with a bullish USD/JPY and a bearish EUR/USD we are likely to see some slow development.