USD is focusing to test 1.0300 zone again today after the yesterday rejection. "We continue to view the pattern of trade here as potentially positive for the USD," comments the TD Securities research team. " The rally, consolidation and break out from the bull wedge pattern that built up in June still suggests 650 ticks or so or potential appreciation in funds from the 1.02 break out area.
"We note that the 40-day MA continues to track higher and away from the also upwardtracking 200-day MA," continues TD. "This suggests that the broader upward trend remains quite well-entrenched, even if the oscillator studies are somewhat flat."
"We still prefer to look for opportunities to buy USD dips." TD research concluded.