Though I'm long in the USD it's important to keep in mind that I think the longer term trend is . I still think we are still in the megaphone pattern. So even if we get a very convincing bounce we have to be ready that it's going to drop hard again.
I'm 100% sure we will tag the 10EMA on the weekly chart. Most probably we will see a tag of the 20 and maybe the 50 .
This bounce will affect every vehicle in forex , the stock market, and precious metals. So needed to watch very closely.
During the next few weeks we might be printing a giant pattern
This week US will release PPI & CPI data, which is so important right now, 90% investors hold bear view on US inflation although strong than expected employment&payroll. As oil price and industrial metals picked up significantly by over 15% during since late June, I believe PPI&CPI this week will surpass most expectation high.
Headwind for Gold and EM currency is coming.