Will The Dollar Pull Back Further Today?
In a correction there are plenty of options. I’m looking at a deeper expanded flat in GBP/USD. There is a risk too, in EUR/USD but it should be limited. If USD/CHF breaks above its highs and reverses, this should form a flat or expanded flat lower. USD/JPY should be finding a high very soon to see a pullback.
I tend to suspect that we shall be heading lower in the dollar again today.
Having measured the rally from the low in AUD/USD I noted that we had seen a 5-wave and therefore it should be heading back higher again.
As for EUR/JPY, I’ve not really caught this particularly well, mainly down to the uncertainty of the balance between the two underlying pairs. Frankly, this development does look like a ragged range day.