USDollar Still Correcting Up But Waiting for Short Break

Market structure and retail trader positioning have stacked the odds in favor of a continuation of the intermediate term downtrend in place since April this year. Retail traders are still heavily long the USDollar. Currently, the market is still correcting up from that last impulsive downward move. Regardless of the outcome of the NFP report this morning, we will be waiting to enter short on a technical confirmation of the end of the current bullish corrective wave.