Here we see the KING of all pairs, the USD INDEX. It is about time we did a chart on the mac daddy of all price action, the Dollar BASKET.
What we have framed here is a solid RETEST of the bear trend that started last year once everyone WOKE UP and realized the dollar is garbage.
However Powell and the FED are not done and a long run of strong USD data, including a very good jobs report, has been proping up the dollar.
From a technical aspect there was a very solid TREND LINE BREAK and a subsequent DOUBLE RETEST around the 102.5 Area, followed by a BREAK of the RESISTANCE that was established by the bull move that broke our bear trend line.
Currently we are seeing a RETEST of this RESISTANCE TURNED SUPPORT and assuming this area can hold the next fib zone should be a stop at 105.5 area, as we see multiple tests here. PMI and FOMC minutes should provide more volumes for any potential move this week.
What we have framed here is a solid RETEST of the bear trend that started last year once everyone WOKE UP and realized the dollar is garbage.
However Powell and the FED are not done and a long run of strong USD data, including a very good jobs report, has been proping up the dollar.
From a technical aspect there was a very solid TREND LINE BREAK and a subsequent DOUBLE RETEST around the 102.5 Area, followed by a BREAK of the RESISTANCE that was established by the bull move that broke our bear trend line.
Currently we are seeing a RETEST of this RESISTANCE TURNED SUPPORT and assuming this area can hold the next fib zone should be a stop at 105.5 area, as we see multiple tests here. PMI and FOMC minutes should provide more volumes for any potential move this week.
POTENTIAL USD WEAKNESS INC