EUR/USD broke out aggressively last week but has since found congestion. Is this sign that EUR/USD bulls are done, with USD bulls set to re-take control?
CAD/JPY broke down and EUR/CAD broke out, but USD/CAD sits on a key spot of support taken from prior resistance that bears have not been able to break through.
A soft PPI report gave bulls hope on inflation trends as short-term breakouts in the S&P and Nasdaq continued. The Dow is working very near a spot of long-term resistance.
The US Dollar is showing increasing frequency of resistance tests, highlighting continued breakout potential ahead of Friday’s release of Non-farm Payrolls.
The US Dollar has gained as much as 22% since last May – but USD/CAD has only gained as much as 10% – and remains in a longer-term bear flag formation.
The US Dollar has put in a massive move since last week’s breakout, and price is standing off at the highs – will bulls force another break to fresh 19-year-highs?