Global equity markets have not just held support overnight, they have moved higher to test near-term resistance areas that have recently proved challenging. The S/P futures market breaking 1065 was a big move that could lead to a cash market test of 1075.
If that price point holds at the close of trade of Thursday, the dollar index will lose further ground, and may close under 87.00 support, that in recent trade has been a solid area.
The major pairs started to signal a swing change on the 4-hour charts earlier in the week, and have spent time since then consolidating the moves, and building momentum to make a reversal move against recent Usd strength. Global commodity markets are also holding support, and adding to the short-Usd moves.
The one laggard at the moment, and the one pair that needs to break long to signal market-wide momentum, is Usd/Jpy breaking 91.50 going long, following equity and risk markets going higher. U/J is a long-Usd pair that will empower the major currencies, as it reflects a market that is comfortable in the near-term potential in long-equity trade, and by default, long-majors.
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