Micron surges after one of the biggest beats in U.S. semis history
This Dollar has really begun to show its mettle… at long last. We are building up several levels of wave degrees that tend to suggest that the market has given up with the European/Japanese currencies. I have been waiting for this moment for over a year. It’s time for two legs higher in the Dollar Index. Of course, it’s going to take some months to get through both legs but I still have incomplete structures from back as June 2013 in USD/JPY and in GBP/USD from July 2014.
However, there’s lots of work to be done. I’m not sure when it will be complete. I’d like to say by the end of this year but it’ll need some accelerated progress.
For today, to be honest, it looks very much like yesterday. I’m just a little concerned over USD/CHF. While the other Majors have been doing some good work, the Swissie has been moving sideways in what could be a triangle – but a rather weird one. This needs a break of range – and hopefully the upside otherwise it’ll be classed as a straggler. Otherwise, the other three pairs are still looking Dollar Bullish. The Aussie should turn lower today also.
Meanwhile, back in the land of crosses, it’s beginning to be hit by the bearish influence of EUR/USD. It may have a respite over today – but not all day. We just have to watch both intrinsic pairs to judge when this will drop.