There are many more details and indicators that inform well balanced ongoing analysis, but the three scenarios below are the general options before us. Excerpted from this week's edition of…
The USD is bouncing from the projected support area around 94. Further, some economic data came in firm this week and ISM was stable, with its exports component bouncing solidly. That was in keeping with the weakening dollar easing the pressure as a rising dollar had increased it. Continued firm data could attend an expected bounce in USD.
Ref. a public post about the $RUT this morning. It showed support after a wedge breakdown. RUT is losing that support so far today.
Here is the USD, losing the 50 day moving average. This is another marker along the way that keeps the correction target of 94 open.
Stock Markets
Interesting developments in the markets this morning. Apparently momentum-fueled markets are getting knocked down by some hype from China pertaining to authorities allowing shorting of Chinese stocks. That is not fundamental to anything, but it is a shot across the bow to over confident bullish momentum players the world over. In true momo fashion, they are knee jerk selling in response.
As suspected would be the case, the US dollar appears to have resumed its correction after rising to test the high. The first important support zone has been the shelf surrounding 94, which intersects a trend line from last summer’s lows.
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