Monday, August 22, 2016

USD Update

Critical to so much else in the market the good ole USD is looking particularly stable and directionless longer term, slightly weaker medium and shorter term.

The above 5 year chart reveals only 6 months spent in a trend, unless sideways can be considered a trend.

More recently the USD can be described as nearing the bottom of it's range, with support yet to be proven certainly.
I can find Fibonacci relationships between the swings within the range, but frankly, all that is subject to revision in a structure like this, until it is pretty definatively complete.

6 Mo

click to enlarge
The move up over the last 2 days will have to break 95 for starters, with 96.50 looking a lot more convincing.

Very short term it has to hold 94.42



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