As we saw rampant losses during January, we’re experiencing the same outcome. There will come a time when a deeper correction is going to kick in, but it isn’t gonna happen any time soon. The analysis is pretty intense at the moment, the limited corrections and steady Dollar gains make life tough in identifying the lower degree wriggles, some corrections being as low as 6%. Clearly, there’s no way to confidently anticipate such brief reactions. That many of these mini corrections are in a wave (b) / (iii) position, they hardly stick out amongst the rest of the other corrections.
Needless to say, this has kept hourly & 4-hour momentum firmly Dollar bullish. The 4-hour Price Equilibrium Clouds are lagging well behind in a way that allows corrections but right now we have the hourly Clouds gently supporting the Dollar – and could, at any time, nudge the Dollar to extend further. However, not too far along the road there is a deeper correction that needs to be seen. Watch for common projection targets across the pairs. In terms of Europe, GBP/USD has lagged both EUR and CHF but still has some way to go.
The Aussie has further to go on the downside, clearly lagging EURUSD, not a million points away from a deeper correction also. Perhaps it would be well to match the targets here with those in EUR/USD and GBP/USD.
USD/JPY dragged its heels yesterday, dipping to an early correction lower but has recovered. I’m not exactly comfortable with this but I do still feel that it should make upward headway before too long. This will probably not make much of an impact on EUR/JPY – but there does seem to be further losses to come in the cross.
Today could be similar to yesterday but perhaps with a slowing in momentum…
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Still No Break In The Trend
Published 03/12/2015, 12:23 AM
Updated 07/09/2023, 06:31 AM
Still No Break In The Trend
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