DXY short term short - major swing long
Still working on the premise of a weaker Dollar for another couple of weeks.
However, I don't think the DXY drop will be as severe as some of the publications on-line are suggesting. From what I have read the general consensus seems to a "pick me" year should we tackle the Covid-19 situation. However, that play is too obvious. The top earners accelerate their wealth whilst there's blood in the streets as Baron De Rothschild put it.
Ultimately the SPX is so hyperextended it needs a breather if nothing else. But with the Monthly stochastic looking for a bigger rise in DXY, it's likely to drive gold down and SPX along with it.
Keep an eye on key levels marked on the DXY chart.
Disclaimer
This idea does not constitute as financial advice. It is for educational purposes only, our principle trader has over 20 years’ experience in stocks, ETF’s, and Forex. Hence each trade setup might have different hold times, entry or exit conditions, and will vary from the post/idea shared here. You can use the information from this post to make your own trading plan for the instrument discussed. Trading carries a risk; a high percentage of retail traders lose money. Please keep this in mind when entering any trade. Stay safe.
However, I don't think the DXY drop will be as severe as some of the publications on-line are suggesting. From what I have read the general consensus seems to a "pick me" year should we tackle the Covid-19 situation. However, that play is too obvious. The top earners accelerate their wealth whilst there's blood in the streets as Baron De Rothschild put it.
Ultimately the SPX is so hyperextended it needs a breather if nothing else. But with the Monthly stochastic looking for a bigger rise in DXY, it's likely to drive gold down and SPX along with it.
Keep an eye on key levels marked on the DXY chart.
Disclaimer
This idea does not constitute as financial advice. It is for educational purposes only, our principle trader has over 20 years’ experience in stocks, ETF’s, and Forex. Hence each trade setup might have different hold times, entry or exit conditions, and will vary from the post/idea shared here. You can use the information from this post to make your own trading plan for the instrument discussed. Trading carries a risk; a high percentage of retail traders lose money. Please keep this in mind when entering any trade. Stay safe.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.