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Fundamental analysts are all scratching their heads these days!
How can USDJPY be declining rapidly,
All the while EURUSD and GBPUSD are accelerating lower also.
So the USD is both weakening and strengthening at the same time!!
This does not compute in fundamental analysis.
However,
It is perfectly acceptable, and even predictable, with Elliott wave analysis!
And the reason is simple;
The USD is correcting lower against the YEN,
While;
The EURO and Cable are both declining against the USD in a trend move.
In this scenario;
The same currency, while moving in different waves,
can seem to send conflicting signals to the market.
But;
Viewed through the lens of the Elliott wave model, these moves make perfect sense.
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UPCOMING RISK EVENTS:
USD: ADP Non-Farm Employment Change, Prelim GDP q/q.
EUR: German Prelim CPI m/m, Italian 10-y Bond Auction.
GBP: N/A.
JPY: N/A.
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