Yesterday the currency markets were characterized by Euro strength and a massive weakening on the Yen. In addition we have seen some decline in the Australian and New Zealand currency.
The picture of the Trend/Wave/Extreme system today unfortunately is not very helpfull for placing trades as most of the currency pairs seem to be in No Man's Land. That is they are either in Uptredn in an Overbought region or Downtend in an Oversold region. Therefore it is best to wait and see .
For anxious traders that really want to place a trade Selling GBPUSD seem to be the closest you can get to a trade. It continues to follow a Down Trend ,it may be under an Upwards conrrection mode as indicated by the Wave indicators and one of the Extreme indicators is pointing it has reached Overbought. Therefore it may be good to montior for a while.
Buying USDCAD may also be possible in a few hours as an Uptrend exists following a donwards correction Wave who is reaching Oversold.
USDJPY/EURJPY have advanced massively yesterday and hence prety much all of the indicators are pointing up, however as they are in an extremely overbought region it is too late to buy. Same applies for EURUSD however it remains bellow it is 55-Moving Average and hence still everything can happen.
Read about the Trend/Wave/Extreme system here.