Independent Strategy

Macro Matters

Technicals Category

Independent Strategy Blog: Macro Matters

Dollar holding below its recent highs but still looks like a corrective consolidation framed in a longer-term uptrend.  That applies to most of the crosses, with perhaps the exception of the yen.  Equities have rolled over with the most pronounced break being in Europe.

Dollar facing some corrective pressure after the upside break in DXY through 98.00, ceding ground vs. the euro, yen and a perkier looking sterling.  But overall this should be a short run thing.  The break higher in DXY supports the longer-term bull dollar thesis.

Bit more currency volatility after the Easter break with the dollar starting strongly, moving to its recent highs in dollar index terms.  We're not quite at point of capitulation but if this move doesn't reverse it could finally deliver the long awaited bullish dollar break.

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