I can’t complain too much about the rather sluggish development. Actually, no… The mini-minor subatomic particles (aka lower degree waves) has increased my work! There are just too many data points to work through. However, overall the structures have been pretty steady with the exception of GBPUSD. I had to work through the losses from 1.3549 just to check the development and basically, it has been a triple three. That should generate another rally.
Meanwhile, USDJPY baulked the upside in favour of an expanded flat but has only one more low before it resumes its rally. This is all quite strange given that EURUSD and USDCHF have made some decent Dollar gains. Most likely USDJPY will join the Continentals over the morning – or into the European session.
This should see EURJPY extending losses but basically in a messy set of bearish swings – perhaps even a consolidation within the decline. This pair can be a little difficult to judge but the better outlook is to watch for bullish reversal indications before too long.
Finally, down under, we’re grappling with a range that could provide support within a triangle. That’s going to be an important area to observe. Either it will go ahead with the triangle – or just plain drop lower…
Good trading
Ian Copsey
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