US Dollar Index Could Be Topping Here
See the three touches on the upper trend line. If this line holds, the DX price could move down to the 98 area. Also the RSI (10) is overbought.
Such a chart could be used to short the DX, or to go long the EUR/USD and the precious metals such as gold, silver, platinum.
If I were to trade the DX short, I would place an extra big stop loss, maybe at 103.90 or at 104 (maybe even higher) in case of some stop hunting/a shake out before a big move down. Then would carefully add on to a profitable position. Same for going long the other choices: use a big stop loss.
(A strong close above the upper trend line would not be good for this trade; a peek-a-boo move that does not actually close above the trend line means the trade is still viable. Also, a daily close below the 103 area would help confirm this trade idea.)
Good luck!
Such a chart could be used to short the DX, or to go long the EUR/USD and the precious metals such as gold, silver, platinum.
If I were to trade the DX short, I would place an extra big stop loss, maybe at 103.90 or at 104 (maybe even higher) in case of some stop hunting/a shake out before a big move down. Then would carefully add on to a profitable position. Same for going long the other choices: use a big stop loss.
(A strong close above the upper trend line would not be good for this trade; a peek-a-boo move that does not actually close above the trend line means the trade is still viable. Also, a daily close below the 103 area would help confirm this trade idea.)
Good luck!
تعليق:
Not looking good for this trade idea. Actually a strong daily close above trend line could be a good time to go opposite the original ideas.
تعليق:
Metals are inversely correlated to the dollar but only the EUR is highly such.
تعليق:
Although trend line e did not hold, there was a double top along with rsi signal, so dollar may still do down from this area.