The dollar then delivered bearish follow through on Tuesday. The peak on day 6 sets the dollar up for a left translated daily cycle formation. The dollar did manage to rally on Thursday and test the 10 day MA on Friday. Tuesday was only day 11, which is too early to expect a daily cycle low. Therefore the dollar should be rejected by the 10 day MA and continue its daily cycle decline. The dollar is in a daily downtrend. It will remain in its daily downtrend unless it closes back above the upper daily cycle band.
This was a volatile week for stocks. Stocks formed a swing high on Friday. There are bearish divergences developing on the oscillators, which often precede a cycle decline. A break below the daily cycle trend line will signal the daily cycle decline. Stocks are in a daily uptrend. Stocks will remain in their daily uptrend unless they close below the lower daily cycle band.
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