The target on this counter-trend rally was 97. USD climbed above it, tried to establish support at the MA 50, and then failed today, I guess with the weak factory orders data (there’s always a reason to pin market moves on, right?).
If the 97’s hold as a short-term high Uncle Buck will have put in another higher low and would be indicated to remain in an intermediate correction of its cyclical bull.
NFTRH 345 speculated about a ‘C’ leg up in commodities should the US dollar weaken anew. There is a bunch of data coming this week, including Payrolls on Friday. Should be an interesting week.
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