Cycle Trading

The dollar tanked overnight.

Wednesday is day 5 for the daily dollar cycle. By breaking below the previous daily cycle low, the daily cycle has failed. This will now lead to the intermediate cycle decline.

The weekly cycle has peaked on week 3 and currently sits at week 5. The dollar is working through the obvious resistance at the 80.50 level. A break below the low for week three (80.38) forms a weekly swing high. Once that happens the way for the dollar is down.