[Video] Daily Forex Market Review:
The market absorbs a POMO (Permanent Open Market Operations) day tomorrow by the Federal Reserve, where billions more U.S. debt will be monetized. If history is a guide, it would be expected that equity trade moves higher and the dollar index moves lower.
An ABC-down was completed on the dollar index daily chart, with an ABC-up completed on the dollar index 30-minute chart. Traders may now be looking for a DI move to test 77.50 support if S/P holds 1150. That equates to some likely technical bounces on the major currencies in the very near term.
Disclosure: TheLFB runs an automated trading program that is constantly one side of the dollar or the other, in-line with the detail posted in the article.