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Friday’s dollar highs were pretty much in line with expectations, and as suggested would provoke some weakness against the Europeans. The weekend video outlined the expectations for yesterday and what I have seen has not surprised except, perhaps, in the USD/CHF that decided to act independently and continue to rise. The GBP/USD pushed to new highs from last week’s low, which was positive, but still has some work to do on the upside. Overall, the Europeans seem to have lulled into their own individual worlds, each within different structures that could well continue for some while. If my count has been correct it should be the GBP/USD that provides more direct development. Perhaps, with the lack of gains in the EUR/USD there is a slight concern and may even allow a minor new low.
Overall I feel today will be more Dollar bearish than bullish.
The Aussie recycled higher rather than any direct bearish development. I remain overall bearish but there are a couple of options to note. Either way I feel the downside should eventually have its own way.
Regarding the JPY pairs, the USD/JPY bottomed out on Friday at the lower end of the support range and yesterday took advantage of the thinner markets to break above the 98.50 high and confirming the preference in the weekend video. At this point it is approaching some key resistance areas and the risk is for corrections but only within the move higher. This should therefore provide some opportunities for buying on dips although a modest correction will be due before long. Watch out for that risk. Even then I still feel that modest correction will be good for another push higher.
Quite obviously this strength in the USD/JPY has dragged the EUR/JPY higher by the scruff of the neck. It should have more room for further gains, but the higher wave degree has still not provided too much of a firm structure from which to make firmer judgments. Therefore I remain slightly side lined in the bigger picture.
Overall I feel today will be more Dollar bearish than bullish.
The Aussie recycled higher rather than any direct bearish development. I remain overall bearish but there are a couple of options to note. Either way I feel the downside should eventually have its own way.
Regarding the JPY pairs, the USD/JPY bottomed out on Friday at the lower end of the support range and yesterday took advantage of the thinner markets to break above the 98.50 high and confirming the preference in the weekend video. At this point it is approaching some key resistance areas and the risk is for corrections but only within the move higher. This should therefore provide some opportunities for buying on dips although a modest correction will be due before long. Watch out for that risk. Even then I still feel that modest correction will be good for another push higher.
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Quite obviously this strength in the USD/JPY has dragged the EUR/JPY higher by the scruff of the neck. It should have more room for further gains, but the higher wave degree has still not provided too much of a firm structure from which to make firmer judgments. Therefore I remain slightly side lined in the bigger picture.
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