The downside will now find buyers at 121.00, at 120.50 (minor) and then again at the important 120.00 level, where rising trend support also lies. I don’t think we are heading below here now for quite a while, but if wrong, stops would be triggered and would take the dollar back down towards 119.60 (100 HMA) and possibly to 119.25 (daily Tenkan).
Eventually I think the dollar is heading a lot higher so continue to trade from the long side, but leave room to buy dips.
Economic data highlights will include:
M: Q3 GDP, Current Account, Trade Balance
T: Consumer Confidence, Eco Watchers Survey
W: Machine Tool Orders
F: Industrial Production, Capacity Utilisation.
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