US Dollar Intraday Bull Market Update

After a stunning run, the US dollar has started to back-off again.  In my last update I had the US dollar in a diagonal wave count, but this time I looked for a cleaner impulse. The top trend line is based on the bottom support line, so the US dollar was still a bit shy of hitting it.

I think the USD is still in a bullish phase but corrections can seem like the return of the USD bear. The commercial hedgers have net short bearish positions, so any bullish wave count I have is fighting headwinds.

Of course, hedgers can change positions very fast, but we have to wait until Friday’s COT reports come out.

I wouldn’t want to see the US dollar slice through the bottom trend line, but it’s impossible to catch surprise moves most of the time.

 

 

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