Markets slowed down recently into a corrective formation. This means that the USD lost some value during this week. However we are already observing some nice patterns on several pairs that are pointing for higher USD in days ahead. The first pair that we are tracking very closely is USDJPY as the pair already fell to a new swing low and touched equality level for wave c)=a). There is a possibility for another spike to 107.70 but anyhow, sooner or later the uptrend should be back in play. We are considering EPO; tracking it closely.
USDJPY 1h Elliott Wave Analysis
The next interesting currencies could be the commodity currencies. On NZDUSD for example the price slowed down in the last two weeks, most likely into a corrective fourth wave. We see a contracting trendline that forms a triangle. Ideally the pair is now in wave d) with wave e) yet to come, so a breakdown could follow by the end of the week.
NDZUSD 4h Elliott Wave Analysis
