The US Dollar is putting in a sizable bullish move against major currencies on the back of this morning’s CPI print.
Bigger picture, the question is whether bulls are ready for a test at the 110 handle. This was a big spot last week and we only saw one daily close above – which was quickly followed by aThe current 20-year-high is up at 110.79 so if buyers can really stretch that becomes a waypoint of interest, but the bigger question is that next test at 110.
From the above chart you can see the resistance inflection at 110, which was confluent with a trendline at the time. Will sellers defend this level again and related – willIn my opinion, the more orchestrated the move – the better. If we do see some element of higher-low support building ahead of that 110 re-test or perhaps even the 110.79 re-test, the more attractive continuation themes become.which points to the prospect of topside trend continuation potential.
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