US dollar (DXY) looks to long-term support in the 88s
Last week we noted that USD kept a semblance of the 2021 uptrend in play by holding the February low. Well, it appears that this “thin support” level is poised to be taken out.
First, we interrupt this program with a word from our inflationary sponsor…
Inflation is a macro parlor trick employed ever more ingeniously and aggressively in the post-Greenspan era. What a bunch of bullshit emanating from the White House's orifice.
— Gary Tanashian (@NFTRHgt) May 16, 2021
Next up? 88, which is long-term support defined by the 2018 low and the 2008 and 2010 highs. This would all take place at around a 50% Fib pullback.
But if you, me, Wayne and Garth are going to party hearty some more in 2021, 83 looms down around the 62% Fib (84.58). It’s a good bet that the US government and associated mouthpieces have targeted that level as optimal while using the word “transitory” way too many times lately for comfort. They are massaging the hell out of us in the unlikely event you have not noticed.
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