Markets are not moving much. They slowed down after some dollar weakness over the last two trading days. We see US stocks coming down from resistance ahead of Powell today, so it appears that investors are waiting on more details before they may position themselves for a direction of a breakout. Will Powell be hawkish or more neutural with comments is a real question. I think he may not give us any real bias yet, ahead of US CPI data this Thursday. From an Elliott wave perspective we see USD in bearish mode, with room for more weakness, but possibly after a rally on DXY. Resistance is at 103.60.
