Today's shaping up to be an important one, and just ahead of an important U.S. holiday weekend! UUP which is the ETF tracking the U.S. dollar has fallen under its prior swing low, so we need to see whether or not the actual article, tracking $USD (see charts of both, below) remains above its prior swing low of 77.69. At this point the Euro has not exceeded its comparable swing high, so I haven't ruled out bearish potential for the Euro once the dollar has completed its low in this timing cycle. But it all seems to depend right now on whether or not the dollar remains above that support level. I had a symmetry target for the dollar at 79.88, and it can poke under that so long as it remains above 77.69 and still retain potential to move substantially higher. Gold seems to be "waiting in the wings" - of course it has moved up (as has the Euro) with the dollar's recent fall, which we pointed out and have been tracking. But with gold and the Euro both remaining short of their comparable key levels, we can see that the game isn't over yet. If you can be tracking the dollar ($USD) intraday then do so - although as I've remarked, it's not common for markets to "tip their hand" just before a weekend, and perhaps especially this holiday weekend.
Besides, if the dollar has plans to move higher, then it will need a trigger day anyway that moves above today's high. By definition that cannot happen today. So once again, we'll have plenty to discuss this weekend!
UPDATE - at 3:00 pm ET (15:00), the following quote appears at Bloomberg for DXY:IND, the
Dollar Index, used by Intercontinental Exchange Inc. to track the U.S. currency versus the euro, yen, pound, Swiss franc, Canadian dollar and Swedish krona:
Value 80.00, Change-0.534, % Change-0.663
High 80.46, Low
79.80, Open 80.38
(note that the $USD chart below isn't updated through today - at Stockcharts.com, it won't update until after hours this evening)
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