The dollar closed back above the 50 day MA on Monday. It then closed above the 10 day MA on Tuesday. The dollar continued higher on Thursday but was rejected by the 98.75 level on Friday. The dollar formed a bearish reversal and closed below both the 10 day MA and the 50 day MA on Friday to signal the daily cycle decline. The dollar is currently in a daily uptrend. But a close below the lower daily cycle band will end its daily uptrend and begin a daily downtrend.
Stocks formed a swing low on Friday. Friday was day 15 for the daily cycle. Friday’s swing low closed back above the 10 day MA. A break above the day 10 high of 6481.34 will shift the odds towards a right translated the daily cycle formation. Stocks are currently in a daily uptrend. Closing back above the 10 day MA indicates a continuation of its daily uptrend and signals a cycle band buy signal.
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