With the exception of USDJPY, of which we had already known would rally and carry EURJPY along, the Europeans and Aussie basically had a rather relaxed day listening to the swing kings. This should change today.
The biggest surprise was USDCHF that retested the 0.98361 high quite precisely. This is a rather strange development. I’ve counted it as the Wave EFC of an expanded flat but frankly, I’m pretty doubtful. Thus, I’m allowing for a possible overlap in Wave [c]/[v] that could edge a bit higher before reversing. However, it does have a rather extreme structural development – but that’s normal for the Swissie.
Otherwise, EURUSD needs only one more blip higher and also for GBPUSD that is seeing lower degree bearish divergences. So these two appear to be generally correlated but I suspect it will be EURUSD that provides a stronger move.
Referring to the comments above in USDJPY, the outlook appears to be the exact opposite of yesterday’s development and that suggests that it will drag EURJPY along with it…
The Aussie has been doing what it does best – procrastinating – and may well continue but most likely to the downside – but best wait and watch for the next break.
Good trading
Ian Copsey
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