Markets did not change much since Friday when USD closed strong as ECB was more hawkish than the FED. We have seen a strong move down on US Dollar Index with a close at the lows of the week, a candle that suggests further downside. As such, I think that stocks, cryptos, and XXX/USD pairs can stay in a recovery mode after intraday settback.
However, today is holiday in the US, so maybe we will have to wait a few more sessions, before uptrend may resume. Looking at the overlay chart to explore the Intermarket analysis, we see that AUDUSD is one of the strongest, but since USDJPY is up with stocks, its worth keeping attention to XXX/JPY crosses as well.
Grega
