The dollar’s daily cycle peaked on day 13. The dollar then formed a swing high the next day, lost the 50 day MA as it begin to decline into its daily cycle low.
This past week the dollar back test the 200 MA before breaking lower. The dollar printed its lowest point on Friday, which was day 25. That places the dollar late in its timing band for a daily cycle low. Friday’s bullish reversal has eased the parameters for forming a swing low. A break above 95.19 will form a swing low and likely signal a new daily cycle and, as we will discuss on the weekly chart, quite possibly a new intermediate cycle. This will be discussed in further detail in the Weekend Report.
After a brief pause at the 200 MA, stocks powered higher through Friday.
The new high on Friday, on day 25, assures us of a right translated cycle formation and further verifies that 2/11 hosted an intermediate cycle low. Stocks continue to close above the upper daily cycle band, indicating that stocks remain in a daily uptrend.
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