USD Drops From Target

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.

usd

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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