The US dollar hit its Master Cycle high overnight, rising to 100.05 before dropping down to an early morning low of 98.65. The reversal is coming very late at day 254 in the current Master Cycle. This leads me to believe that there may be a strong down draft in USD over the next 3 weeks.

USD/JPY is retreating this morning. It is still at 120.94 after reaching a high of 122.02 on Monday. The Yen carry trade will likely start to unwind beneath USD/JPY 120.00.

XEU made an overnight low of 104.98 and has bounced back to 105.53. The reversal is to be taken seriously above the Cycle Bottom resistance, currently at 106.63. The two will meet at a lower number, so we will keep an eye on this development.

Following a similar Cycle pattern, Crude and Gold are both off their lows and may have completed their first reversal patterns.

TNX seems to be wasting no time in its decline, suggesting that a staggering amount of liquidity is finding refuge there.

Regards,

Tony

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