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Pre-market this morning the Dollar is moving higher, yet has created a upside wick due to the 23% Fibonacci resistance level.
The rally in the Dollar is putting more downside pressure on equities early this morning.
A PAUSE AT LEAST at the 23% Fib level should be expected, which could give some relief to equities…. yet with the Dollar just breaking from the flag and key falling resistance, the 76.50 level should be taken out down the road.
Getting past Fib resistance will really challenge the risk trade!