Hold the applause, you dollar fans, since DXY has failed on two consecutive days to turn its presumptive dead-cat bounce into a genuine impulse leg on the daily chart. I’ve labeled the two peaks that the dollar should have exceeded if there is more than hot air driving it. We won’t write it off yet, but the evidence is mounting that the bullish action, deep down, is gutless. Major trend reversals do NOT often begin with this kind of fumbling around.
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