Both USD/JPY and EUR/USD have gone into very complex 4th-wave corrective patterns making any good risk-reward trades for tonight tough to come by. EUR/USD between 1.3360 and 1.3280 should be considered corrective price, as should USD/JPY between 115.420 and 114.40. Both however, argue for yet lower US dollars, which means if you are not flat on the Aussie trade, bring the stop down to at least 0.7875. I would like to see how things develop tonight before issuing a trade plan.

Daily and Weekly Pivot Points

Todd Gordon is a Technical Currency Strategist and Fund Trader with GAIN Capital Group.

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