The September Dollar was lower overnight as it extends the decline below the 75% retracement level of the April-July rally crossing at 80.32. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If September extends the decline off July's high, the 87% retracement level of the May-July rally crossing at 79.67 is the next downside target. Closes above the 20-day moving average crossing at 81.48 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 81.00. Second resistance is the 20-day moving average crossing at 81.48. First support is the 87% retracement level of the May-July rally crossing at 79.67. Second support is May's low crossing at 79.02. Continue reading "Morning Currency Commentary"
