Thursday, February 16, 2017

Intraday V-Turn of the Dollar

Yesterday the the USD made fierce V-Turn that wasn't really supported by any news. Yellen's second day testimony int he Congress was underway, but she made no such comment that could have underpinned the move. Technically it could be just the retest of the DX breakout at 101.00

The bearish view could be that the recent rally was just the 50% retracement of the pullback from the 103.75 high. Although the bullish case is more compelling, especially on higher timeframe. After a double bottom and a trendline break the bullish trend seems to be intact.

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