We Should See Some Decent Dollar Gains Today

With the Brexit cabinet approval all sorted out – and a rather ragged triple three in GBP/USD – we should now be looking for the Dollar to resume its move higher. USD/CHF provided a second zigzag lower, USD/JPY saw a deep pullback that needed a minor adjustment – also in EUR/USD. As far as I can see, all of the 4 majors should now have a quorum for the Dollar to push higher.

Even the Aussie has completed a triple three and this will prompt a 5-wave decline at to form a Wave [i] from where a pullback should be seen. This looks very similar to USD/JPY… At the same time, GBP/USD may well form the bearish foundation waves.

In EUR/JPY I suspect a rather ragged decline with EUR/USD likely to see deeper losses while USD/JPY creeps higher – or perhaps sees a consolidation. Overall, in the larger picture, it still suggests losses.

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