In the last 24 hours, we've seen some of the majors essentially bottoming out and showing a leg of USD weakness. The pairs bottomed out ahead of US event risk, which provided a catalyst for a continuation.
In most situations like this, this would provide an opportune moment to sell the rally and get short with the long term trend.
My wave analysis shows that this may be a fairly important inflection in the larger wave count. Meaning, the pull back may be of a larger degree, and can take some time correcting before we see new lows in pairs like EURUSD & NZDUSD.
As well, recently Goldman Sach's published a wave count for the Dollar Index, showing it as a 5 wave move up, which can be ending at around current levels.
The weekly open should have an indication of the next move for the USD. Particularly the NZDUSD, which has event risk early in the week (RBNZ Wheeler speaking on Tuesday)
In most situations like this, this would provide an opportune moment to sell the rally and get short with the long term trend.
My wave analysis shows that this may be a fairly important inflection in the larger wave count. Meaning, the pull back may be of a larger degree, and can take some time correcting before we see new lows in pairs like EURUSD & NZDUSD.
As well, recently Goldman Sach's published a wave count for the Dollar Index, showing it as a 5 wave move up, which can be ending at around current levels.
The weekly open should have an indication of the next move for the USD. Particularly the NZDUSD, which has event risk early in the week (RBNZ Wheeler speaking on Tuesday)
