The dollar has been consolidating in a range for the past 3 weeks and now is encroaching on its timing band for a daily cycle low.
The dollar has been consolidating since the BREXIT helped push it above the 200 MA. With Friday being day 15, that places the dollar 3 days shy of its timing band for a daily cycle low. Any break of consolidation at this point of the daily cycle will likely be a false break.
The dollar appears to have reestablished its daily uptrend. A possible scenario is for the dollar to deliver a false bearish break of consolidation in order to complete its daily cycle decline and the resume its daily uptrend.
Stocks are a bit stretched above the 10 day MA. It is possible to see stocks trade side ways allowing the 10 day MA to catch up. Stocks could even form a half cycle low at the day day MA.
Friday was day 13 for the daily equity cycle. Stocks continue to close above the upper daily cycle band indicating that they are in a daily uptrend. Stocks will continue in the uptrend until they close below the lower daily cycle band.
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