We broke a five-month downtrend this morning and appear to have broken out of a consolidation on the dailies. Trendline support now at 1100. Buy dips, looks to be the way to go. 1115 is the 200-day moving average.
The risk trade is coming off the boil at the moment but the charts suggest we may be at an inflection point in both US stocks and bonds…Good news for commodity currencies while the greenback should under-perform against this backdrop.
