True enough just right after the corrective move lower from the USDx registered "Higher Low" at the 78.09/10-78.80 trading range the expected recovery rally for the USD is on its way.
This was in line with our time frame / period market outlook / analysis dated the 12th of March "USDx 1st quarter to April Analysis" where a turn around would re-establish a USD recovery back to its original trend. A follow-through is likewise expected from hereunto with daily temporary pullbacks. Thus the next probable high would be made with the next trading weeks ahead. Extensions as previously described from the video from the support price of 78.80 basis point would initially target its high at the 80.40 - 81.80 before a retest above the 81.85-82.05 price point resistance levels.
This would correspond with the Pivotal price reversal of the USDX last marked in our CCY Price page indicator for the week ending March 2nd and followed by the European Majors thereafter. The high of 1.3485 for the EURUSD was first marked, likewise on the same week ending March 2nd. However, the GBPUSD did made a higher extension at 1.6036 on the last week of trading for the 1st Quarter which came in only second & keeping pace with the Euro. The last trading for the week of April 06 have showed some unwinding of positions due to a mix report but more favorable for the USDx to rally ending slightly below the 80.00 important level closing at 78.85 basis point. On the technical Perspective; the Daily three(3) rising method bar configuration with the fourth candle bar closing at the 79.85 is a bullish signal. Please continue at http://megatrade101.com/
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