We have our targets of 99 (registered), 100 (routine upward correction) and 102 (would still keep USD in a downtrend if not exceeded, but it would come with interim pain elsewhere).
We also have a little pattern forming. Guess what it measures to? Roughly 102. It is not yet active, however, as it needs to clear 99 to break the neckline and load the 100 target.
Now, all due caveats about what TAs who want to sound serious instead of the snake oil salespeople they often are, call “pattern recognition” (they also call freakish H&S with too many humps “complex”). TAs, sometimes you gotta take ’em with a grain of salt. They really REALLY want you to see important things in their charts.
But I have digressed. RK sent me a note that a TA I respect (cycles), Eric Hadik, is actually looking for 102 on USD. I take that seriously because he’s not one of those TAs. Also, Hammer, our own in-house cycles guy is looking for rough stuff upcoming shortly in risk-on. He has not discussed USD in particular that I know of, but a strong USD would go with that.
Anyway, a bounce pattern in USD, theoretically targeting 102 for your consideration. As noted in the Daily/Weekly Notes, I took a long on USD by shorting the Euro.
