DXY: Dollar Index - A Big day ahead for the Dollar Near term Key to Gold, WTI, Brent and Pairs
The dollar is stooging around now having fought itself to near
stand-still - it's likely to start moving in a tight 50 pip range at
89.30 above and 88.79 below - will whipsaw most likely later
today...can play the whip if super slick (not me!) or can stand
back and wait for the dust to settle.The key levels are shown
on the chart...can dip to the blue support line below it at
88.79 today but must break it to retest the low...which must
hold or we have a major near term selling climax likely down
to 87.70 ish dynamic support (buy there if you see things stop
sliding here)
And on upside it has to clear and hold above the recent highs
by more than 5 pips - so at 89.66 - and we should know then
that the dollar is turning positive again - it should be safe to
follow with stops a little below 89.28 when the trade gets
triggered (stops are better judged by the individual though,
depending on risk profile) Once the dust settles gold and pairs
and oils can also be traded with more confidence too.
The dollar is stooging around now having fought itself to near
stand-still - it's likely to start moving in a tight 50 pip range at
89.30 above and 88.79 below - will whipsaw most likely later
today...can play the whip if super slick (not me!) or can stand
back and wait for the dust to settle.The key levels are shown
on the chart...can dip to the blue support line below it at
88.79 today but must break it to retest the low...which must
hold or we have a major near term selling climax likely down
to 87.70 ish dynamic support (buy there if you see things stop
sliding here)
And on upside it has to clear and hold above the recent highs
by more than 5 pips - so at 89.66 - and we should know then
that the dollar is turning positive again - it should be safe to
follow with stops a little below 89.28 when the trade gets
triggered (stops are better judged by the individual though,
depending on risk profile) Once the dust settles gold and pairs
and oils can also be traded with more confidence too.
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Longer term chart DXY
