Forex pairs were directly affected by the Consumer Price Index (CPI) data, as some sharp moves were noticed on the charts.
These sudden moves have been in-line with the most recent views shared with Orbex traders via the daily Market Insights videos.
GBP and USD inflation data both show disappointing figures, and this could lead to possible reversals ahead.
Larger degree patterns could be completing for most FX Majors, which could mean that the tables are turning for currencies.
In the lines below, a technical perspective is shared, along with wave counts and possible structures.
Wave Counts & Structures
Dollar Index (DXY) – 2H Chart
- DXY labeled in a Zig-Zag corrective structure for Minor B (red), with Minor C (red) possibly commencing a bearish impulse.
EUR/USD – 2H Chart
- EUR/USD labeled in a corrective structure for Minor B (green), with Minor C (green) possibly commencing a bullish impulse.
GBP/USD – 2H Chart
- GBP/USD labeled in a bullish sequence, with Minor 1 (green) reflecting the beginning of a possible ending diagonal in the larger degree Intermediate (C) (green). Minor 2 (green) could be unfolding as a complex triple three corrective structure and a bullish impulse could begin within Minor 3 (green).
USD/JPY – 4H Chart
- USD/JPY is labeled within a bullish corrective pattern, with a leading diagonal in Minor A (green), a running flat in Minor B (green) and an ending diagonal in Minor C (green). An impulsive bearish sequence could be resuming soon.
USD/CHF – 2H Chart
- USD/CHF labeled in a complete five-wave sequence on the up-side, with an ending iagonal in Minute V (green) possibly preparing a bearish reversal.
AUD/USD – 2H Chart
- AUD/USD labeled as an Expanding Flat in Intermediate (B) (green), with Intermediate (C) (green) possibly beginning a bullish impulse.
NZD/USD – 2H Chart
- NZD/USD labeled in a bullish impulse and an extension, with Minute III (green) possibly commencing a rally towards Minor 3 (green).
USD/CAD – 2H Chart
- USD/CAD labeled in a bearish sequence in Minor C (red), with the possibility of a bearish extension starting.
Many pips ahead!