I honestly thought the market would drift higher after Monday's sell off but believed that folks would be squaring positions before Thursday. We had a better than expected durable goods report which served to goose the markets. On top of that, housing reports are looking the brightest they've been since 2008 which is fueling the short term optimisim.
Top In The USD Index Chart? Here's Why We Think So.
We think there is a top forming on the USD index chart that could be very fast in heading lower. It's coming into a massive area of resistance with an overhead Fibonacci Retracement level as well as the 50 Day Moving Average. The topping process should take a couple days, but this currency is way over-bought at this point.