The Dollar Is Getting Closer, EUR Has Strong Chance Of Triangle

Yesterday saw dollar gains continue but we’re not that far off from a deeper correction. I very much doubt that today will see the reversal. In fact, it could last through to the end of the week. I sense that, in some pairs, we may see triangles in some of the Wave (iv) positions. Indeed, USDCHF looks pretty certain to complete its triangle before the other pairs – but then, it needs a little more movement higher to get towards the end of this particular rally.

EURUSD has a stronger chance of a triangle that could last into tomorrow at least. This has occurred due to an abnormally deep Wave -iv-, a relatively common development that then provokes the triangle. So don’t expect any real impulsive developments for a while. Perhaps USDJPY has potential to develop a triangle – but I’m less inclined towards a triangle but could see a flat or expanded flat. GBPUSD appears to have no such chance. Here I suspect we may find a final leg lower but which may have a deep Wave b/v – maybe a triangle in the Wave b? However, that’s not set in stone.

So, while we are getting closer to a Dollar high, there may be some difficult consolidations en route.

EURJPY should see some swings but within a broader rally. AUD/USD… oh, what a pain in the posterior… However, I’m beginning to feel that, as we see a slightly deeper pullback, that once the majors come to the end of their current moves for a deeper correction, perhaps the Aussie can then make the final leg higher. For the moment, I suggest taking care but keep your eye on any bullish reversal indications.

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