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Greetings again, Everyone!
We see a unique situation emerging out of Russia joining “The Party” with the “Jawboning” Positives for The Dollar… despite their Cuts concerning TICS Data and Treasury Reserves Inflows for April.
Risk Aversion returns for the time being with The Dollar and Yen Strength as we begin the Week and move through the European Session and into the U.S. Session.
We are right at The NYSE Open, and this should bode negatively for Equities moving forward, as Equity Futures were bidding lower… and now trading lower…as we head into The Open… so our “Inverse” Correlation is there… just as it was with The Yen and Asian-Pacific Equities several hours ago.
Equities are slowly pulling out of a month-long Consolidation, so this will be a Factor to Watch for Currency Interests as well.
The Key here for Traders is obviously to what degree this Dollar ”Sentiment” will last.
Again… in always considering my “Both Sides of The Fence” Scenarios… ( As I always say… This is an Equal-Opportunity Blog… ;-)… We can simply see additional Bullish Views in standing aside for even better Levels of Retracement and Correction for more Attractive Price Points.
Bearish Views are surely already taking advantage of the current Price Action, and are now bolstered by the Russian Rhetoric as well as Gold and Oil Corrections, to simply Work The Dollar as far as they can in the current Climate.
Let’s check on The Fiber… since It has regained Its “Weight of Pressure” with German Inflationary Concerns, as The Dollar arguably has more Strength against this Major than many other Units.
Give The Capture a Click for Various Levels of Reference, and Post-Time is 14:00 GMT.
Coming off of the “Hourly Head and Shoulders” Formation, Price looks to the 1.3800’s Daily Static Support as the next Area in View.
Any Corrective Sentiment will need to Clip Dynamic and Static Resistance Areas at the 1.3810’s and the 1.3830’s Area in the Immediate-Term.
Of course… more Updates on the way as The Dollar and Yen bring Risk Aversion back to The Table, so please join me!
