USD, weekly
USD, daily
Summary
Suffice to say.. the fifth consecutive net daily decline, and the DXY 95s are already close. The first target zone of 93/92s looks easy to hit within the next 2-3 weeks.
A retrace... and then a hyper-ramp
USD, monthly'3, outlook
The above chart should clarify what I am seeking in the mid term. Under no outlook do I see sustained trading under the old breakout level of 90/89.
After all, do you really think the Euro/Yen are not going to devalue faster than the USD? Then there is the issue of huge capital inflows to the USA... increasing the upward pressure.
-
*I am looking to be long the USD (via long equity positions, but also UUP long dated option calls).. this summer. I will be seeking an entry in the 90/89 zone... which looks just about possible in June.. before the first realistic opportunity of renewed upside.
--
Looking ahead
Wednesday will be pretty important, with Pending home sales and the latest EIA report. However there is also the first reading for Q1 GDP. Market is expecting 1.0% growth, vs the Q4 of 2.2%.
Further.. we have the latest FOMC announcement (due 2pm). No change in policy is likely. There will NOT be a post Yellen press conf.
--
Goodnight from London