Hello Traders,
I hope you all had a wonderful New Year's Holiday with your friends and family!
I have been plowing over the markets throughout my vacation and man do things seem to be moving! The advance/decline says it all, the status quo to sit aside as short sellers take advantage of tax selling hasn't been so, as they continue to just get plowed right thru in the US Equity Market. Although given, this is the first year in many where there is a new US President elect after 8 years which can translate to price action deviating from the January norm (Please refrain from starting a political rant on the comment section, I really could care less unless its useful data to back a fundamental viewpoint supporting a trade idea vs. political speculation).
Back on topic now. The U.S. dollar looks ready to retrace back to the support outlined on the chart. Do keep in mind that the strength of the breakout will be tested on whether price can sustain itself above the $100 handle. If it breaks below we can expect to see price trade down to the 20 & 50 EMA's on the W1 Chart.
Hope you enjoy my simple analysis. Cheers! =)
I hope you all had a wonderful New Year's Holiday with your friends and family!
I have been plowing over the markets throughout my vacation and man do things seem to be moving! The advance/decline says it all, the status quo to sit aside as short sellers take advantage of tax selling hasn't been so, as they continue to just get plowed right thru in the US Equity Market. Although given, this is the first year in many where there is a new US President elect after 8 years which can translate to price action deviating from the January norm (Please refrain from starting a political rant on the comment section, I really could care less unless its useful data to back a fundamental viewpoint supporting a trade idea vs. political speculation).
Back on topic now. The U.S. dollar looks ready to retrace back to the support outlined on the chart. Do keep in mind that the strength of the breakout will be tested on whether price can sustain itself above the $100 handle. If it breaks below we can expect to see price trade down to the 20 & 50 EMA's on the W1 Chart.
Hope you enjoy my simple analysis. Cheers! =)
Shorter Term Chart. A D1 close below would indicate a retest of the $100 handle support. If price holds and Friday closes bullish above today's high than we can expect a retest and potential break above the previous week's highs.