James.............
Pre NFP Data............Back to the Future...again.
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The 1.2387<>1.1986 Range is in play...the 50Fib is at 1.2185 and the 618 at 1.2233...Good South Entry Zone upto the 618....then see South initialy to 1.2080<>1.2050 on thru 1.20
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Dovish news on inflation and a possible hold on a FED hike has the above Range still in Play...tho US Economic expansion is still robust...putting the USD Bears back to Pre NFP Time/Price levels ie>1.2185<>1.2220...gee that 1.2220 sounds familar.
A break of the 618Fib at 1.2233 is 1st North Signal...with the 50Fib>1.2185 currently holding a North containment...the intriguing aspect is USD's Position as it relates to current/future FED Policy in view of a tightening Bias on Rates...with US Economic Fundamnetals expanding into continued growth...and the FED's measured approach to Inflation/Hikes...Greenspan set a corrective notation for USD today...
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The dollar is at the top of its range right now, and is printing a triple top near the 90.00 level. Admittedly, we have an ascending triangle in the making too, which argues for a higher probability of a break higher...BUT the risk for long dollar positions is much higher - where to place stops and what about a false break?
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The Dollar duality Sentiment is still in effect...thus a break of the demarcation lines at 90<>88 hold the answer...USD is reaching a point of singularity with the Range envelope imploding. The Best Research is in Pre-Positioning...which is were we are currently at...early Directional Bias...based on the Squaring of Time/Price.
US Dollar Index currently 88.90...
90 basis break ...North
89 Squaring of Time/Price
88 basis break ...South
Along with the Majors Bias to Greenspan's testimony...interesting days ahead... Looking for a retest of the 1.1760 basis.
Time will Tell my Friend...Great Call Today.