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Forex Analysis: Caution Advised

Forex Analysis: Caution Advised

We sure have seen some difficult development and I’m pretty certain that this will continue. Some pairs are in corrections while others are slowly going through impulsive development. I still feel that we are going through an expanded flat in EUR/USD but – at some point – it’ll need a deeper pullback lower. USD/JPY may now have formed the (blue) Wave -b-/-iii- although there is still some room below. It’s possible because USD/CHF still needs limited downside now for a reversal higher.

The biggest pain was in AUD/USD that broke above the limit I had set. It still has upside potential but by the end of this rally, we should turn lower.

EUR/JPY is a tricky one. Perhaps we have seen a triple three but that will need a break below 126.12. Until that break, there is a chance of a 5-wave rally. Once that has been formed (or that 126.12 break) we’ll have a stronger decline.

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