These 2 Scenarios Could Play Out Near Term
Dave Floyd’s
colleague Bo Harvey wrote today’s piece.
It was
a relatively range-bound week on the FX front last week, with the
market offering little directional movement to speak of, and instead mostly
consolidation-type action took place around key levels. That being said, this
week and next could prove critical to the USD with 200 day EMAs in spitting
distance in USD pairs and the dollar index currently testing its 200 day
EMA (i.e., 40 week EMA) and the weekly downtrend line. It is a good time to
tighten up or lighten up on any dollar shorts still in the waters.
^next^
In the spirit of intermarket
analysis, by looking at the gold/silver stocks (XAU), it is clear that they are
also at key levels—