USD, monthly1
USD, weekly
Summary
Suffice to note... the weekly MACD (blue bar histogram) cycle is turning positive.
The giant monthly cycle is offering price structure of a massive bull flag that been growing since the high of DXY 100.71 in March.
Implications of a higher USD should be pretty clear. In particular.. Oil/precious metals will be especially vulnerable to underlying downward pressure.
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Update from Oscar
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Looking ahead
Friday will see consumer credit data (3pm), but far more important to the market.. the latest monthly jobs data.
Market is expecting 190k net gains, with a slightly lower headline jobless rate of 5.0%. Any number much above 200K could be considered as 'good news as bad news' in terms of int' rates.
*it is highly notable that Fed official Bullard will be speaking in early morning.
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Goodnight from London