Long USD as long as previous low of 96.70 holds
USD looks good for a bounce.
Note
USD looked poised for a bounce and did in fact bounce a little from where I recommended it at 96.84 (for some reason Tradingview shows 96.94). The chart looked fantastic even just yesterday and looked almost certain to hit 98+. However, at this point, the index has struggled to sustain traction and the chart looks less and less attractive from a long perspective. With that said, I'm not convinced that my original bet has been invalidated nor am I convinced that it is not going to go up from here, but I am prepared to jump ship, especially if I think it is going to lose 96.70. Anyway, the moral of the story is that I am way less sure that it is going up after these developments and am prepared to exit at any time.
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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.
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.