This morning it appears that the USD has failed to hold support which was the expectation. The triangle that has occurred over the past few days caused many traders pain but it is fairly common pattern for a B-wave or 4th-wave. Experienced Elliott Wave traders were probably prepared. Targets for USD pairs still remain intact though the measured moves would technically begin at the triangle terminal point for currency pairs that had a triangle form. One thing to be conscience of and watch out for is the alternate scenario that this wave was a wave 4 of C and the B-wave occurred October 7th as was previously thought. Expectations for a move out of that pattern will be much lower and shown as minimum targets below.

EUR-USD

The Forex Daily Outlook for the EUR-USD is for continuation higher. The triangle pattern on this pair terminated this morning. New minimum target is just under 1.4000 around 1.3990.

USD-JPY

The Forex Daily Outlook for the USD-JPY is for continuation lower to consolidation. Expectations are still very limited for this pair. Waiting for breakout.

GBP-USD

The Forex Daily Outlook for the GBP-USD is for continuation higher. This pair seems to be in a more complex corrective movement than the EUR-USD. The pattern is probably W-X-Y and the new minimum target is 1.5940 with possibility of extension to 1.6060.

USD-CHF

The Forex Daily Outlook for the USD-CHF is for continuation lower. Same targets for this pair. Still expecting normal termination around 0.8600 area. EUR-CHF trade is also performing very well and is on its way to 1.2050 area.

AUD-USD

The Forex Daily Outlook for the AUD-USD is for continuation higher. The triangle on this pair has had more than the traditional 5-wave (a-b-c-d-e) pattern but this does not reduce the probability of the next move. The minimum target for this pair is barely higher at 1.0375 but full measure could take the pair as high as 1.0485.

USD-CAD

The Forex Daily Outlook for the USD-CAD is for continuation lower. The expectation for this pair now makes more sense just as it does with the AUD-USD. The new minimum target is just above parity at 1.0025.

NZD-USD

The Forex Daily Outlook for the NZD-USD is for continuation higher. With this pair it is more difficult to find a high probability count with the recent consolidation as wave 4 of C therefore it is being counted as a complex correction just like on the GBP-USD. Minimum target is therefore just above 0.8100 but could easily go to 0.8230 which was the expected terminal point anyway.