USD came very close to our upside target of 101 and has since had trouble. After testing the March high and dropping, USD is now bouncing from the lower line of an admittedly imperfectly formed Symmetrical Triangle.
If this is a Sym-Tri then it is a bullish continuation pattern, at least by boilerplate TA thinking. That would make our current analysis of a USD correction wrong.
I don’t want to read too much into it but I did want to call it to your attention because once previously (the Jan-Feb consolidation) we noted that an expected correction was instead turning to a bullish looking consolidation.
If USD does resume a correction, the initial target remains 94. A loss of 97 would be a key to that scenario.
The above is presented simply FYI since currency moves are so key to asset market moves these days.
