Dollar Remains Weak; Euro Strong
07/08/17 Weekly Re-Lay:
“The Dollar Index is consolidating after dropping into mid-year & completing a ~180-degree/6-month decline from its early-Jan. peak. It neutralized its daily downtrend multiple times but needs a daily close above 96.08/DXU to reverse that trend to up. Until that occurs, the Dollar Index runs the risk of a spike back to its recent low.
That is corroborated by daily/weekly cycles that projected a likely low in this time frame (July 3–14th) – the latest phase of a ~2-month/8–9 week low-high-high-high Cycle Progression. Narrowing that down slightly, the Dollar created an intervening ~30-degree/~4-week high (Mar. 9–14)–high (Apr. 9–14)–high (May 9–14)–low (June 9–14) Cycle Progression that portends a low on July 9–14th.
(The next phase of the 8–9 week cycle – and two phases of the ~4-week cycle – would coincide with the early-Sept. 35–36 week cycle when a rebound peak is expected.) A low in the coming week would also still fulfill the weekly HLS.
The Euro is a little different, pulling back but not yet neutralizing its daily uptrend. It reversed its monthly trend up on June 30th, setting the stage for an initial peak (ideally by mid-July) and 1–3 month pullback.
The Yen continued lower, reinforcing its June 16th outside-week/2 Close Reversal sell signal. It corroborated that by completing a monthly 2 Close Reversal Combo lower on June 30th. An initial low could be seen on July 10–14th – fulfilling a 9-week high-low-low-low-(low) Cycle Progression.”
Dollar poised to extend drop into July 14th as Euro could rally into then. Yen remains on track for correction (lower) into July 10–14th… before next rally. July 10th is ideal date for Yen low, linked to previous lows on March 10th & May 10th (60-degree/2-month low-low-low Cycle Progression).
Bitcoin & Ethereum resume declines and should head lower into late-July – with primary downside targets of ~1,900/Bitcoin & ~150/Ethereum.
July 2017 holds important cycle application to Bitcoin (7-Year Cycle from Mt Gox, etc.)… and could trigger new selling in cryptocurrency… while also honing optimum time for next (future) buying opportunity.
See Weekly Re-Lay & INSIIDE Track for additional analysis and/or trading strategies.