Dollar weakness against Sterling, Aussie, and the yen is simply too much to deny. Sterling and Aussie broke higher in intra-day wave 3s to 15+ year highs in both. We will be bidding lower into their respective 4th waves for a 5th wave ride higher.

I would like to buy Sterling between 2.0025 and 2.0005 with stops outside of channel resistance at 1.9985. If we are filled in our buy zone, get very aggressive trailing stops and/or booking profits on a move above 2.0100.



The Aussie 4th wave has an appointment with lows between 0.8345 and 0.8330 for a 5th wave move up to 0.8410. Again, be aggressive with stop movement and profit taking on a move above the figure.



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

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