CLICK ON CHART TO ENLARGE
These charts were made early in the morning so the daily chart could look much different by the end of the, yet at this time the Dollar is attempting to break rising support. On a more important basis, the Dollar from a “weekly” viewpoint looks to have created a rather large bearish wick at its Fibonacci 38% retracement level.
I remain of the opinion that we want to get the currencies correct and if we can, we should construct portfolios via currency trends. If the Dollar can break support in the chart on the right, it would be good for several risk trade assets. What would do rather well if support goes? Yesterday it was discussed that Copper just suffered its worst one month decline in 25 years and FCX was on numerous support lines.
The jobs report is due out in a half an hour….which will be more important, what the Dollar does here or the jobs report?