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Early Dollar Pullback Lower And Later Reversal

Early Dollar Pullback Lower And Later Reversal

Having written the headline, there are some variances. For the most part, the headline should be correct. I have EUR/USD, GBP/USD and AUD/USD expecting a pullback higher from the start. USD/JPY should see a push higher along with USD/CHF. However, while USD/JPY appears to be more bullish, USDCHF seems to require a minor new high and then a pullback lower.

However, as the day develops the pullback lower in the Dollar, we should come to a point when we should see the resumption of the Dollar upside. Most likely the best template is to follow EUR/USD due to the fact it will be forming a Wave b/iii. How deep? Modest – maybe mildly firm – but there is a limit. At the same time, we should see USD/CHF pulling back lower before it can see a higher move. This should also see GBP/USD seeing a 5-wave rally and followed later by a reversal back to the downside. This will likely be the same in AUD/USD.

EU/RJPY should see a pullback higher having seen a 5-wave decline and that should see both EUR/USD and – to a lesser degree USD/JPY – providing a peak and later reversal…

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