Currency Corner
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Market Harmonic's founder Tony Carrion is now part of the team of Forex analysts at Elliott Wave International.  Learn about EWI's round-the-clock intraday, daily and longer-term Forex market coverage.

Currency Pair Sentiment vs. USD
From the most recent Commitments of Traders (COT) Data

Unweighted Major Currency Average (UMCA) & Currency Pair Strength
(Our Proprietary Unweighted Index of US Dollar Performance)

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USD - Forming a Key Low

The combination of deeply pessimistic extremes, and deep technically oversold levels, suggest that at least a counter-trend rally, if not a more substantial advance, should be ahead for the US dollar.

As our proprietary, unweighted index of the USD versus a basket of major global currencies suggests, the dollar is on the verge of completing a correction underway since the beginning of the year. Support levels for a low in the UMCA target the 11.65-11.48 range for a tradable bottom. Other than very short-term trading, building short positions at current levels would not be advisable. As the saying goes, the easy money has already been made.

The UMCA is updated weekends. You can view it here.


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