As an Elliottician it always important to consider multiple possible patterns. As much as I want the USD to continue its bull run, there is something in the back of my mind warning me to be cautious and not get too focused on any single possibility. It was actually the EUR/USD which has brought me to consider this, as I have a strong belief that 1.4625, the beginning point of the ending diagonal, will be hit prior to a major retracement (as is typical of EDs). It may happen that the AUD/USD consolidates in a 4th wave as the EUR/USD drops to the aforementioned level. The Australian dollar has been strong today on the back of positive employment data, and I expect this to continue over the next session. However if the EUR/USD rallies from 1.4625 then I expect the AUD to gain against the greenback also, which does not fit in with my previous count. This has me perplexed. Be cautious with your shorts, and place your stops accordingly.
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