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US Dollar Plummets - Good Show!

Stock-Markets / Financial Markets 2016 Jun 03, 2016 - 04:30 PM GMT

By: Anthony_Cherniawski

Stock-Markets

USD/DXY plummeted to a low of 93.99 this morning. This falls into line with my thesis that lower stock values also means a lower dollar price. USD is now beneath its 50-day Moving Average a 94.62 and is on a sell signal. We may see a bounce at the Cycle Bottom support at 92.92, with one final plunge to its target.


SPX impulse to a low of 2085.36 before making a 61.8% retracement and the upper trendline of its triangle formation. It is now in decline, although we may want to prepare for an end-of-day ramp from its low.

VIX round-tripped back to where it started the day after testing the 50-day resistance. There may be an effort to slam the VIX at the end of the day to encourage shorts to give it up over the weekend, which I would not advise.

TNX dove beneath its Triangle trendline as suggested earlier. Odds are that TNX may not be able to recover much of its decline, should it re-emerge back inside the Triangle. There may be more decline left in the pattern.

Regards,

Tony

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