What’s Happening This Morning : The US Dollar is softer this morning, hitting a high of 1.5600 after Europe took the baton from Asia, but sailed through last week’s data minefield net up on the week. From a high of 1.5869 last Monday, it closed Friday around 1.5566 and survived an effort to rally the euro on Thursday that gave us only an unsustainable spike high (to 1.5700).
We have now had a series of three lower lows off the record high of 1.6038 on July 15 and a corresponding series of lower highs, and these are the basic criteria for a downtrend. We have every right to expect a test of the previous low from June 13 at 1.5301—unless a Shock comes along, or a Surprise, or a Shocking Surprise.
The US dollar vs Japanese Yen is flirting again with the recent high at 108.40—but after that, still facing serious resistance at the 108.58 high, the highest high from February. Market News says support is seen at 107.00 and after that, 106.45/70.
Bye For Now
Barbara Rockefeller
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