A very interesting last 30 days…let’s look at the weekly and daily charts on the Almighty Buck. Let me get this straight the greenback rallied on speculation that a rate hike may happen sooner rather than later; higher rates should equate to a stronger dollar. Yesterday Bernanke set the market straight verbalizing that not so quick should we bake in a rate increase.
The dollar is an integral part of many trading decisions when I decide what commodities to trade, in what direction and even scaling on position size.
- A potential double top the last 2 weeks
- Is a bearish engulfing candle in the making?
- Will we close under the 20 day MA (light blue line)?
- To see any significant depreciation prices will need to penetrate the up sloping trend line that comes in just below 81.00…white trend line held since summer of 2011.
- Stochastics have started to roll over
- A gap lower open on Bernanke comments yesterday…perhaps an overreaction?
- Observe the 38.2, 50 & 61.8% Fibonacci levels.
- In May/June prices depreciated 4.4% only to turn around in June/July and appreciate 5.25%.
- A settlement below the 20 day MA (light blue line) puts the control back to the bears in my eyes.
As always, I’m here to discuss specifics and give guidance. Shoot me an email…Give me a call… you can reach me at: email@example.com or 954-929-9997
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