The media has tricked the masses into believing the dollar is weak just because the CPI data came out a little bad for the dollar, but ING made a crucial statement this morning "The dollar awaits any domestic input to make the first move, and domestic stories are taking Centre stage".
From the statement although previous data for $ on GDP came less than the market anticipated but it's still better than the G8 economies.
TECHNICALLY:
1) Weekly bearish leg and structure
2) daily complex bullish pullback that needs to change on h4 first.
Target 1: 1.23500
Target 2: 1.20500
From the statement although previous data for $ on GDP came less than the market anticipated but it's still better than the G8 economies.
TECHNICALLY:
1) Weekly bearish leg and structure
2) daily complex bullish pullback that needs to change on h4 first.
Target 1: 1.23500
Target 2: 1.20500
EXPECTION:
Price would love to trap buyers by getting to 1.2740 then drop sharply during the news event on Friday.
TECHNICALLY:
We are still bullish on the 1hr Timeframe, which if 1.2645 is taken out; price should head to our target.