US Dollar - Daily - 3.30.16.png
US dollar, daily chart. This is not investment advice.
Holding your /ES 2045 short still? I had one at 48.75 I scratched
Price action of the Yen, Euro, and Aussie dollar counter this argument.
not seeing that at all.... more down....
I'm holding the short and adding more! But I moved my stop up to 2085 as I am averaging my cost higher and higher. The top is right around the corner.
For those calling for a move lower for the USD, don't you find it odd that the USD stopped at exactly 100 on the index? That doesn't seem strange to you? Psychological round number resistances like this, in bull markets, simply do NOT hold for long.
The bottom in the USD could happen right now, like in the next 5 minutes, which would be hilarious. There is absolutely no selling pressure down here. I would watch out if I were holding commodity longs.
@007: There it was on the ES just now. Probably just topped at 2063.50. It is screaming a top! Downside target of 2005.
Considering the market is extremely correlated with oil at the moment, I wouldn't be surprised to see the USD bottom here, oil top, and equities top as well.
Ok I'm calling a bottom in USD futures at 94.56, plus or minus maybe a few ticks to take into account volatility during the carving out of a bottom.
So my guess is that the swing top in the ES is somewhere between 2060-2080. Narrowing it down to a more specific area is difficult, but for now I'll call it at 2064.50. If, however, that ceiling doesn't hold today, then I would expect a higher push closer to 2080. For now, it looks good for a top, in my opinion.
Gee, how odd, since I mentioned a top in oil, the futures (CL) have just plummeted over 2%. Someone with big money must be listening to my analysis!
@Moneymiser21: The strongest of the 3 currencies you mentioned (Yen, Euro, Aussie), is the australian dollar and does that AUD even make up 1% of the value of the dollar index? The Euro has done nothing, but form a horizontal bear flag that is warning a move to parity is coming next. The Yen is what, like 13% of the index and it looks to me like it is ready to top and head back to at least 5% down from here.
Looks like yesterday's low in the USD couldn't hold. Max downside as I see it is 93. Any lower and my bottom call comes into question.