Mix And Match FX Pairs

As I look at my counts along with pergences I see a rather mixed outlook. The two pairs that should see dollar losses are USD/JPY and USD/CHF. I think EUR/USD will join them later but it still needs to see follow-through lower before a bullish dollar outlook. Most likely, due to the rather slow Asian session, there’s a good chance that by the European session we should see these three pairs begin to converge. To be honest, even GBP/USD should be dollar bearish but it has an upside limit that should trigger a reversal. I really see this pair likely to provide a consolidation range basically.

The odd out is AUD/USD. The break below 0.7995 has provoked a deeper pullback but there’s an alternative here. In the larger picture across the pairs, there is a risk of some pretty wide swings. Overall, over the coming few weeks, we should see a larger consolidation develop. This tends to help AUD/USD and also GBP/USD.

As for today, USD/JPY should lead EUR/JPY lower. Within that decline, we could see some mini consolidations also. Most likely it should see steady steps lower.

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