In last month’s update on currencies [see: Mar 7 Update] we noted that DXY was closing in on our upside targets but would require some consolidation first, USDJPY was due to breakout and rally to its next H&S target, and EURUSD’s bounce would not persist.
A month later, each of these has unfolded almost exactly as expected, with DXY tagging its 100.042 target on Friday after spending the past year in an exceptionally well-formed channel.
We expect the trend to continue for a number of reasons.
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