Pre-summary:
The Dollar has broken above resistance and established a right-translated Daily Cycle. But the significance of this advance may extend well beyond the Daily timeframe, with developments on the Weekly and Monthly charts raising the possibility of a game changer for the Dollar.
The Dollar had been consolidating below the 102.25 resistance level until Monday.
The Dollar broke bullishly out of consolidation, moving above the Day 18 high. The new high on Day 23 locks in a right-translated Daily Cycle formation.
The Dollar remains in a Daily uptrend and will continue to do so unless it closes below the lower Daily Cycle Band.
But the significance of this bullish behavior may extend well beyond the Daily Cycle.
Developments on the Weekly and Monthly timeframes suggest that we could be witnessing a game changer for the Dollar.
I’ll examine those developments and their longer-term implications in detail in this weekend’s subscriber report.
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