Iran has stopped conducting oil transactions in U.S. dollars, an official said Wednesday, a concerted attempt to reduce reliance on Washington at a time of tension over Tehran’s nuclear program and suspected involvement in Iraq.

Iran has stopped conducting oil transactions in U.S. dollars, an official said Wednesday, a concerted attempt to reduce reliance on Washington at a time of tension over Tehran’s nuclear program and suspected involvement in Iraq.

“We still maintain that the larger trend is down.

We are treating the drop from 2.0396 as a leading diagonal .

We are treating the drop from 2.0396 as a leading diagonal .

We are treating the drop from 2.0396 as a leading diagonal .

Reviewing what we already know; there are 5 waves down from 1.6018 which confirm that an important top is in place. The rally from 1.5554 is in 3 waves which is corrective and additional evidence that the larger trend is now down.

The USDCHF has not moved much since yesterday but the pair is nearing where the rally from .9871 would equal the .9647-1.0249 rally; at 1.0473 .

We remain aggressive USDCAD bulls as advances since the .9055 low are in 5 waves and declines are in 3 waves.

We remain aggressive USDCAD bulls as advances since the .9055 low are in 5 waves and declines are in 3 waves.