The worse than expected NFP figures sent the USD down across the board, while metals turned up on Friday. The most of USD pairs are at some important levels based on the wave structure and that could be bearish for the buck in the weeks ahead. If you will check the daily charts you will see that the five wave decline on EURUSD and the five wave rise on USD Index are now in their final stages. However, those are forecasts for a longer period, so here we will focus on intraday charts where there is room for another leg up on the USD.
On EURUSD we can see a nice rally from the low, which is quite strong but it may belong to a larger and complex pattern. We are looking at wave (c) that can be part of a flat correction in wave 4. In that case, the pair can turn down from 1.2577.
EURUSD 1h Elliott Wave Analysis
USDJPY is also trading south, but only with three waves for now that we see it as wave 4. We are tracking wave (c) now that can make an extensions even to the 112.50-113.10 area where former swings can turn into a support. We will look up for a wave 5 rally if we will get an impulse bounce from area of a support.
USDJPY 1h Elliott Wave Analysis
