Dollar drops sharply in US morning as partly weighed down by US President Donald Trump’s decision to restore steel tariffs on Brazil and Argentina. Further selloff is seen, together with stocks too, after poor ISM manufacturing index. For now, the greenback is only slightly better than the sleeping Sterling and oil price pressured Canadian.
DOW is currently down over -200 pts. Considering that daily MACD is staying below signal line, today’s steep decline should confirm short term topping at 28174.97. Deeper pull back in now in favor for the near term, to 55 day EMA (now at 27319.3). But we’d expect stronger support from there to bring rebound and then up trend resumption.
