Trump has once again backed semiannual reporting. What could this mean for stocks?
Talking Points:
- US Dollar Technical Strategy: Holding Long via Mirror Trader Basket **
- Support: 11960, 11898, 11836
- Resistance: 12037, 12149, 12214
The Dow Jones FXCM US Dollar Index put in a Harami candlestick pattern, hinting a move lower may be ahead. A daily close below the 61.8% Fibonacci retracement at 11960 exposes the 50% level at 11898. Alternatively, a move above the 76.4% Fib at 12037 clears the way for a test of the March 13 high at 12149.
We remain broadly bullish on the US dollar against its leading counterparts in line with our long-term fundamental outlook. As such, we remain long via the Mirror Trader US Dollar currency basket.
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