Nick Nasad
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Dollar Index - Watching For a Break of Overnight Range For Clues

It's been a fairly quiet session in the USD crosses after slicing lower in yesterday's session. We have set-up a consolidation range in the 15M time-frame, and a breakout to the top could present some USD strength, and this correction phase would be accumulation.



Here's a few scenarios:

If the USD breaks to the upside of this range, it will obviously open opportunities in the USD crosses like the EUR/USD and GBP/USD.

If however, we see a break to the downside that is then sustained, this period then will categorized as re-distribution, and we may move into a further mark-down phase in the pair in the short-term timeframe.

- Nick