Pre-Summary
The Dollar is developing a reversal on Day 18 after rallying into an important resistance area. A Daily swing high has not formed, but the developing reversal gives us something to watch.
The Dollar continued higher on Monday, extending its advance out of the Day 13 DCL. However, the Dollar is developing a reversal on Day 18 as it tests the important resistance area discussed in the Weekend Report.
A Daily swing high has not formed.
If the reversal holds, a break below Monday’s low would form a Daily swing high and provide the first indication that the Dollar’s advance may be beginning to turn.
For now, the Dollar remains in its Daily uptrend.
Cycle Alignment
Daily: Uptrend; Day 18 developing reversal.
Weekly: Uptrend; testing important resistance.
Monthly: Downtrend; Month 9 in YCL timing.
Cycle Alignment: Bullish shorter-term structure is testing larger-cycle resistance.
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