Dollar Expected To Head Higher Today

I had hoped for the dollar to just move higher on Friday – but it didn’t come to pass. The key market that will trigger the dollar gains is in EUR/USD. It had opted to take the opportunity for a triple three and may have been completed. However, there is an alternative for a minor new high so keep stops high.

Overall, we should see the dollar upside. Already, USD/JPY and USD/CHF have seen a deeper pullback and have very little wriggle room on the downside. This also allowed GBP/USD to complete an expanded flat to form the Wave [ii]. Perhaps it may see a minor new high, but overall, once EUR/USD has topped out, we should now be looking for stronger Dollar gains.

Even in AUD/USD, we should see losses over the day. EUR/JPY should see a milder move higher on the open particularly if USD/JPY and EUR/USD push higher together so there is some risk there. However, once EUR/USD has topped out we should begin to see losses in the cross.

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