Dollar & Euro Reverse Daily Trends
06/19/17 INSIIDE Track Intra-month Update:
“The Dollar Index is turning neutral after spiking to new intra-year lows during the 23rd week of this decline – fulfilling a significant wave relationship objective. That low produced the 3rd of 3 successive declines – since March 2015 – each with almost identical duration (22–23 weeks).
Along with the monthly trend pattern – that projected a low in early-June – this wave structure could spur an overall rebound into early-Sept. 2017, the next phase of a 35–36 week/~8-month low-low-high-(high) Cycle Progression (that followed a similar, 36-week rally). It would also represent a 50% rebound in time. The Dollar just turned its daily trend up and is also turning its daily 21 MAC up.
The Euro retested & held its recent high, reinforcing the monthly trend pattern, weekly LHR indicator & related cycles & wave targets that projected a peak by June 9th.
It turned its intra-month trend down and just reinforced that with a daily 2 Close Reversal lower today. A daily close below 1.1187/ECUwould reinforce that, as would an intraday drop below 1.1168/ECU (that would turn the daily 21 MAC down).
The Yen is showing signs of weakness – peaking mid-month & then generating an outside-week/2 Close Reversal lower. That could signal the end of this (~5-week) rally and the onset of at least a 1–2 week decline. That was just reinforced by the intra-month trend turning down.” FUTURES TRADING INVOLVES SUBSTANTIAL RISK!
Dollar reverses daily trend up and is also reversing daily 21 MAC… as Euro does the inverse. This further corroborates the Dollar’s early-Junecycle low & the corresponding potential for advance into Sept. 2017. It also validates the critical cycle high in Bitcoin & Ethereum (June 5–11th), which those cryptocurrency fulfilled with surprising precision (given their limited data for technical analysis).
Secondary Dollar top likely ~June 23/26th – the same time that Bitcoin & Ethereum are poised to turn more negative based on daily 21 MACs and related indicators. Continued expectations for sharp drop into late-June/early-July… with July/August 2017 holding important cycle application to Bitcoin.
See Weekly Re-Lay & INSIIDE Track for additional analysis and/or trading strategies.