USD Time

That's right, the much maligned etc good ole buck, despite all the Feds wishing, is looking pretty good tonight.

Take a gander;
 3 yr. nearby
click to enlarge
It can be argued that USD has been consolidating in a choppy abc structure, retracing a modest Fibonacci .382, since Mar of 2015 and it has been making decent upside progress since the inflection point of May 3rd.

If that is the case, look out! Another leg up making new highs, will give it 5 waves up from the 2008 lows possibly targeting the 2001 highs of 121.

Needs to bust the nearby trend line for starters;

click to enlarge
Not to mention "Net USD longs have continued to drop. Positions are at their lowest since June 2014 just prior to the sharp increase in USD buying in H2 2014."  as of May 3, FX Street.


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