We’ve made some decent dollar gains but there’s still a lot to get through to finally get to the point of a higher degree Wave (i) and Wave (ii). So, we’re going to need to continue following the lower degree development to finally get to a higher degree. This should likely move into next week.
We should have a good chance of approaching the first reversal target in USD/JPY – maybe today but could move into tomorrow. EUR/USD may have seen a Wave b but we’ll have to be aware of a deeper Wave b but then we should be heading lower. This is very similar to USD/CHF and GBP/USD also, but overall, we should still be looking to the dollar upside overall.
As far as I can see, we have formed a Wave i in AUD/USD so we may well see a pullback higher before any stronger decline.
I’m also a little uncertain in EUR/JPY. We have seen a double zigzag so far but we may even see a final zigzag to complete a triple three. If there are any strong losses in EUR/USD, perhaps we can see loses in the cross. However, this will need to move cautiously.
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