Since I am hanging out there with a view on USD that goes against all current trends (up in the anti-USD trade and down in Uncle Buck), may as well micro-manage it until resolved.
Daily USD is in its 2nd day of flagging after breaking the harsh downtrend channel, post-jobs.
Monthly USD again reminds of how important this support area is.
A longer monthly view shows that it has tested the ’04 and ’05 highs and remains on a big picture breakout from a long-term base. If this ‘inflation trade’, which is mostly centered in stocks but with sporadic commodity participation, is to continue near-term, Uncle Buck would probably test the next support at 88. If current support instead holds as expected, the party would likely end. Either way, it seems USD entered a bull market in 2014 and as of this moment, remains in said bull market.
Our minds may be saying that the dollar is going down because it denominates a country led by a protectionist carnival barker, but the charts are always the charts and the above is my interpretation of them. By taking certain pro-USD actions I have eroded personal performance lately. But I’ve got time (and risk management) to let this play out. If USD drops below 92, that 4 points to 88 could signal an extended party, which I’d not stand against.
Subscribe to NFTRH Premium for your 40-55 page weekly report, interim updates and NFTRH+ chart and trade ideas or the free eLetter for an introduction to our work. Or simply keep up to date with plenty of public content at NFTRH.com and Biiwii.com. Also, you can follow via Twitter @BiiwiiNFTRH, StockTwits, RSS or sign up to receive posts directly by email (right sidebar).
