The US Dollar Rally took a rest on Tuesday even as good news for the Greenback came in the way of a better than expected Trade Balance report.
Euro vs US Dollar - 30 Minute Chart above (click to enlarge) shows the 650 pip drop in the last four trading days, and the current consolidation.
Yen Rallies vs Dollar even with Weak GDP
Meanwhile, The US Dollar Fell in the Asian Session as Japan reported a 0.6% drop in GDP. This number was inline with expectations. But it is surprising to see the Greenback drop about 100 pips on the news.
US Dollar vs Yen Daily Chart Above and 30 Minute Chart Below Shows…
shows the Yen is at a support level of convergence with horizontal trend line support, and rising trend channel support. It is interesting to look at the two charts of different time frames as the 30 minute chart highlights and brings into focus the support level.
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