Apologies for the lack of communication yesterday, I had a full 14-hour session working on three reports.
Yesterday saw further dollar gains, but for others, there is still some development to go. Today should see some solid swings in the 4-majors, rather similar to EUR/USD and USD/CHF. Perhaps I can add GBP/USD that rallied strongly, but hasn’t completed a full 5-wave move. So, the question is whether it will be a full-blown super whippy day or will it be more sedate? There’s a good chance that the whips may happen today unless the market goes into slow-motion but even then, it’ll end tomorrow.
The Aussie has taken a different route but we’ll let it do what it needs, still bullish but with quite a complicated structure to navigate. The next minimum target is at 0.8075 but could extend a little higher. What we need to observe is the initial correction that appears to be needed. There’s no clear signal yet but, at some point, it should begin to see some solid gains.
That leaves EUR/JPY that still needs to extend gains, most likely through the rally needed in EUR/USD with a more reluctant pullback in USD/JPY. Ideally, this should imply that the 130.76 high will not be broken.
Let the games begin.