Recent price action has broken out of the rising wedge that was mentioned in last weeks post. To confirm this as a false break higher will require a push below the trend line shown on the weekly chart above (Please click on image for a larger chart). Some individual currency pairs are showing signs of having met extension targets, namely USDSEK and possibly GBPUSD. A fall under this trend-line will trigger a decent correction lower. As mentioned below I am focusing on the USD Index as i see it as the key to movement in so many other markets, and until this resolves there remains uncertainty in initiating too many new positions.
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