We discussed on Monday that the dollar was in a daily downtrend and will remain in the daily downtrend unless it closes above the upper daily cycle band.
On Tuesday the dollar closed above the upper daily cycle band.
Tuesday was day 8 for the dollar’s daily cycle. The close above the upper daily cycle band signals an end to the daily downtrend and indicates that the intermediate low has been set. But before we can label this a new intermediate cycle we need to see if the dollar can close above the 200 day MA. If the dollar is still in an intermediate cycle decline then it should not be able to above the 200 day MA. However, if the dollar is completing an intermediate decline then the dollar should be rejected by the 200 MA and then go on to form a left translated, failed daily cycle.