The Dollar
The dollar closed below its previous daily cycle low on Wednesday. The dollar then continued lower into Friday, closing below the 200 day MA.
Closing below the previous daily cycle low forms a failed daily cycle and indicates that the dollar has begun its intermediate cycle decline. Friday was day 19, placing the dollar early in its timing band for a daily cycle low. A swing low and close above the 200 day MA would have us label day 19 as the DCL. The dollar currently in a daily downtrend. The dollar will remain in its daily downtrend unless it closes back above the upper daily cycle band.
Stocks
Stocks closed above the 200 day MA on Wednesday and back tested it on Friday.
The expectation for this intermediate cycle is to right translate, therefore this second daily cycle should go on to form as a right translated daily cycle. Closing above the 200 MA should result in a trending move. Stocks are currently in a daily uptrend. They will remain so unless they close below the lower daily cycle band.
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